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- Firebird Metals (FRB) receives firm commitments to raise $3.5 million via a placement to sophisticated and professional investors
- The company plans to use the funds to accelerate development and exploration activities at its flagship Oakover manganese project in Western Australia
- Under the placement, Firebird will issue 17.5 million new shares at 20 cents each together with one free attaching option for every two shares issued
- Shares in the first tranche are expected to settle on August 24 and will commence trading on the ASX on August 25
- Shares in Firebird end the day 9.52 per cent in the green, trading at 23 cents
Firebird Metals (FRB) has received firm commitments to raise $3.5 million via a placement to sophisticated and professional investors.
The company plans to use the funds to accelerate development and exploration activities at its flagship Oakover manganese project in Western Australia.
Pending shareholder approval, Firebird directors have applied for $420,000 in the placement.
Under the placement, Firebird will issue 17.5 million new shares at 20 cents each together with one free attaching option for every two shares issued.
Options will be exercisable at 30 cents each and expire two years from the date of issue.
Commenting on the placement, Managing Director Peter Allen thanked the “overwhelming” support from shareholders and new investors as the company continues to develop and grow the project into WA’s next major manganese operation.
“Since listing last year, we have been focused on rapidly growing our advanced portfolio, led by Oakover, towards the development phase. We have delivered on this objective, which clearly showed the excellent, long-term potential of the project,” he said.
“We are now focused on delivering the next 12 months, with a key focus on extending life-of-mine at Oakover … and adding to our Manganese inventory through targeted exploration across our other projects, starting with Hill 616.”
Shares in the first tranche are expected to settle on August 24 and will commence trading on the ASX on August 25.
Shares in Firebird have ended the day 9.52 per cent in the green, trading at 23 cents.
