- Odin Metals (ODM) receives applications to raise up to $1.56 million via a two-tranche placement
- The money will be raised through the issue of 130 million new fully-paid ordinary shares to professional and sophisticated investors at a price of 1.2 cents
- Odin will use the money to accelerate exploration activities at the Koonenberry Copper Project by beginning drilling at the Wertago Copper Prospect area
- Money will also be used for drilling new high-priority targets identified via recent geochemical surveys completed over the Grasmere and Cymbric Vale anomalies
- Odin was trading 12.5 per cent higher at 1.8 cents per share as of 3:15 pm AEST
Odin Metals (ODM) has received applications to raise up to $1.56 million via a two-tranche placement.
The money will be raised through the issue of 130 million new fully-paid ordinary shares to professional and sophisticated investors at a price of 1.2 cents.
This price represents a 25 per cent discount to Odin’s closing price of 1.6 cents on August 5 and a 13.7 per cent discount to the 15-day volume-weighted average price of 1.39 cents.
Tranche one of the placement will issue 116 million shares to raise $1.39 million while tranche two, which is subject to shareholder approval, will raise $168,000 via the issue of 14 million shares to company directors.
In addition and subject to shareholder approval, Odin intends to issue two million performance shares to Exploration Manager Alan Till.
Odin will use the money to accelerate exploration activities at the Koonenberry Copper Project by beginning drilling at the Wertago Copper Prospect area.
Money will also be used for drilling new high-priority targets identified via recent geochemical surveys completed over the Grasmere and Cymbric Vale anomalies.
Odin were trading 12.5 per cent higher at 1.8 cents per share at 3:15 pm AEST.