- Investigator Resources has raised $2.2 million for its Paris Silver project
- A total of 91.67 million shares were issued to investors at $0.024 apiece
- Investigator is now continuing to advance the assessment of several projects for potential involvement
Investigator Resources has completed a placement to raise over $2 million, before costs.
A total of 91.67 million shares were issued to institutional and sophisticated investors priced at $0.024 apiece.
The issue price of $0.024 represents a 7.2 per cent discount to the 30 day volume weighted average price (VWAP) and a 20 per cent discount to the 15 day VWAP.
This placement includes a one for three attaching option of 30.6 million shares, which are consistent with existing listed options, and exercisable at $0.035, by December 31, 2020.
Funds raised will be used for the geological review and assessment of the Paris Silver project, the ongoing assessment and securing of valuable creative base metals and gold, and overall general working capital.
The Paris Silver project is a shallow deposit of high-grade silver that is compliant to a simple open mining pit.
In April 2017, Investigator announced the upgrade of the resource to 42 million ounces of contained silver, through an increase in grade and tonnage. Around 55 per cent of the contained ounces were elevated to indicated elevation.
Its total mineral resource estimate is 9.3 million tonnes at 139 grams per tonne of silver and 0.6 per cent lead. Its indicated component is 4.3 million tonnes at 163 grams per tonne of silver and 0.6 per cent lead.
These high grades and additional ounces confirm the Paris project could potentially be the best undeveloped silver deposit in Australia.
This increased resource gave Investigator the confidence to continue with prefeasibility studies such as the mine design, local water supply and metallurgical extraction.
Investigator is now continuing to advance the assessment of several projects for potential involvement. It will update the market in the upcoming weeks.