- Lunnon Metals (LM8) receives binding commitments to raise $30 million through a placement for its assets in the Kambalda area and Silver Lake and Fisher
- The company will issue 32.3 million new shares at a price of 93 cents each, representing a 8 per cent discount to the five day volume weighted average price
- The funds will be used for work on the Baker area, Warren, and Foster mine within the Kambalda area
- The rest of the money is planned for Silver Lake and Fisher exploration, subject to completion of the acquisition
- Shares ended the day 19.2 per cent higher today to $1.24 each
Lunnon Metals (LM8) has received binding commitments to raise $30 million through a placement for its assets in the Kambalda area and Silver Lake and Fisher.
The company will issue 32.3 million new shares at a price of 93 cents each, representing an 8 per cent discount to the five day volume weighted average price.
The funds will predominantly be used for work on the Baker area, Warren, and Foster mine within the Kambalda area.
The rest of the money is planned for Silver Lake and Fisher exploration, subject to completion of the company’s acquisition.
However, if settlement is not reached, then funds will be redirected elsewhere.
The new shares are expected to begin trading on Friday, next week.
“This additional equity, coupled with the acquisition of the nickel rights from Gold Fields to the last two historical nickel mines previously owned by WMC Resources, is a significant step forward for the company and allows us to build for success in 2022,” Managing Director Ed Ainscough said.
Shares ended the day 19.2 per cent higher today to $1.24 each.