- Australian exploration company Impact Minerals (IPT) closes its renounceable rights issue after raising $3.2 million of its planned $6 million
- The company will now issue nearly 291 new fully paid ordinary shares and more than 158 million new options exercisable at two cents with an expiry of June 2, 2024
- Impact will use the money to complete early-stage exploration programs across its battery and strategic metals project portfolio in Western Australia
- The company has completed an airborne electromagnetic survey at its flagship Arkun project and is now planning follow-up surveys to define drill targets for future programs
- Impact is unchanged on the market with shares trading at one cent at 11:39 am AEST
Impact Minerals (IPT) has closed its renounceable rights issue after raising $3.2 million, though the company was seeking up to $6 million through the raise.
The exploration company will now issue nearly 291 million new shares and 158 million new listed options exercisable at two cents with an expiry date of June 2, 2024.
Impact announced the raise in April, offering one new share for every four shares already held at 1.1 cents per share — a discount of 27 per cent to its last closing price before the offer was announced.
However, Impact only raised just over half of the $6 million maximum it could have pocketed as part of the offer.
New shares will be issued today, and the company said its directors would not be seeking to place the balance of the shortfall.
Impact will use the money to complete early-stage exploration programs across its battery and strategic metals project portfolio in Western Australia.
The company has completed an airborne electromagnetic survey at its flagship Arkun project and is now planning extensive follow-up soil geochemistry and ground geophysical surveys to define drill targets for future programs.
“We are now funded for our exploration programmes on our significant and exciting battery and strategic metals projects here in Western Australia for the next 18 months,” Managing Director Mike Jones said.
“We have recently completed drill programmes and soil geochemistry surveys at several of our projects as well as an airborne EM survey over our flagship Arkun project.
“We look forward to analysing the results of all of this work and getting on with follow up drilling.”
Impact was unchanged on the market with shares trading at one cent at 11:39 am AEST.