- Pacifico Minerals (PMY) has opened its share purchase plan with aims to raise up to $2 million
- This news follows on from a recent $10 million placement announced on September 18
- For the plan, eligible shareholders will be able to subscribe for up to $30,000 worth of new shares without incurring any brokerage, commission or transaction costs
- If demand exceeded $2 million then Pacifico may close the plan early or scale back applications
- Pacifico will use the money from both the placement and share purchase plan for its Sorby Hills Project in WA
- Company shares are up 13.3 per cent in early morning trade, trading for 1.7 cents per share
Pacifico Minerals (PMY) has opened its share purchase plan with aims to raise up to $2 million.
The company entered a trading halt on September 16 but did not disclose how much it would be raising.
A few days later Pacifico announced that it is aiming to raise up to $12 million and had already received firm commitments for a $10 million placement.
More than 555 million shares will be issued to institutional and strategic shareholders at 1.8 cents.
For the share purchase plan eligible shareholders will be able to subscribe for up to $30,000 worth of new shares without incurring any brokerage, commission or transaction costs.
Shares will be priced the same as the placement of 1.8 cents and if demand exceeded $2 million then Pacifico may close the plan early or scale back applications.
Pacifico will use the money from both the placement and share purchase plan to fully fund a definitive feasibility study and reach a final investment decision for its Sorby Hills Lead-Silver-Zinc Project in WA.
Company shares are up 13.3 per cent in early morning trade, trading for 1.7 cents per share at 10:31 am AEST.