- Encounter Resources (ENR) has received firm commitments to raise roughly $6.3 million via a placement
- The company entered a trading halt on Wednesday, but did not announce how much it was going to be raising or what the funds will go towards
- It’s now revealed approximately 33.2 million shares will be issued to professional and sophisticated investors at 19 cents each
- Encounter will use the funds to advance copper-gold exploration in WA and to advance copper exploration in the Northern Territory
- ENR has ended the day a healthy 17.1 per cent in the green with shares trading for 24 cents each
Encounter Resources (ENR) has received firm commitments to raise roughly $6.3 million via a placement.
The company first entered a trading halt on Wednesday, but did not announce how much it was going to be raising or what the funds will go towards.
It’s now revealed approximately 33.2 million shares will be issued to professional and sophisticated investors at 19 cents per share, representing a 7.3 per cent discount to the company’s last closing price before the halt.
Encounter said it will use the funds to advance copper-gold exploration in the Paterson Province of WA, advance copper exploration in the Northern Territory, and to speed-up gold and base metal project generation activities.
“The strongly supported placement lays the foundation for a major exploration drive. We have multiple active exploration programs in world-class minerals belts in Australia,” ENR Managing Director Will Robinson said.
“The additional funding will allow us to progress and build our extensive project portfolio of joint ventures and partnerships with leading mid-tier and major producers, while also acceleration sole funded exploration programs,” he added.
Encounter has ended the day a healthy 17.1 per cent in the green with shares trading for 24 cents each in a $57.65 million market cap.