Intra Energy (ASX:IEC) - Chairman, Graeme Robertson
Chairman, Graeme Robertson
Source: Finance News Network
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  • Intra Energy (IEC) shares have spiked 85 per cent today as the explorer commences fundraising efforts for its gold project in Mozambique
  • IEC will offer up shares in its unlisted Mauritian subsidiary, Intrafrican Resources, via a private placement to support the Minas do Lurio Gold project
  • The small-cap is pursuing US$2.5 million (approximately A$3.3 million) to advance exploration activities in the relatively untouched Lúrio Belt and upgrade to a production licence
  • There are hopes to source a further US$3.5 million (roughly A$4.7 million) via a second tranche and a third for an unconfirmed amount
  • Initial trenching and sampling has been completed at Savanne with additional gold-bearing areas identified in close proximity
  • Shares have rocketed up 85.7 per cent trading at 1.3 cents apiece

Intra Energy (IEC) shares have spiked 100 per cent this morning as the explorer commences fundraising efforts for its gold project in Mozambique.

IEC will offer up shares in its unlisted Mauritian subsidiary, Intrafrican, via a private placement to support the Minas do Lurio Gold project.

An accompanying investor presentation reports the small-cap is pursuing US$2.5 (approximately A$3.3 million) to advance exploration activities in the relatively untouched Lúrio Belt and upgrade to a production licence.

More specifically, IML anticipates funds will be used for aero-magnetic survey work, drilling, sampling, a survey of dredging locations and a geological resource report to support the eventual licence application.

There are hopes to source a further US$3.5 million (around A$4.7 million) via a second tranche, with an upcoming third tranche for an unconfirmed amount.

Initial trenching and sampling has been completed at Savanne, with additional gold-bearing areas identified in close proximity, according to the company.

Company structure and ownership is set to undergo a reshuffle as a result of the private placement.

Intrafrican’s interest in the Minas Do Lurio Gold Project is currently held via another unlisted Mauritian company, Intra Minerals.

Intrafrican will lose its status as a wholly-owned subsidiary of IEC following the placement, however IEC is expected to retain its controlling interest.

Further details can be found in the company’s investor presentation.

Shares have rocketed up 85.7 per cent following the announcement and are trading at 1.3 cents apiece at 11:13 am AEDT.

IEC by the numbers
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