- PepinNini Minerals (PNN) is looking to purchase Hillside Minerals and is aiming to raise $527,000 in a capital raise
- Hillside has tenements on the Eyre Peninsula in South Australia which includes two exploration licences
- Notably, there have been recorded occurrences of kaolin clay on the tenements
- PepinNini has an exclusive option to purchase Hillside, which expires on February 7, 2021
- PepinNini is also aiming to raise $527,000 through a placement
- Under the raise, the company will issue 3.1 million shares at 17 cents per share
- Additionally, there will be one free-attaching option for every two shares issued, for 35 cents each
- Funds raised will be used on exploration work at the tenements as well as the company’s other projects the Musgrave Project in South Australia and Santa Ines Copper-Gold Project in Argentina
- On the market today, PepinNini is up 73.3 per cent and trading at 26 cents each
PepinNini Minerals (PNN) is looking to purchase Hillside Minerals and is aiming to raise $527,000 in a capital raise.
Hillside Minerals
Hillside has applied for a number of tenements in South Australia.
The tenements include two exploration licences covering an area of 1129 square kilometres on the Eyre Peninsula in South Australia.
Notably, there have been recorded occurrences of kaolin clay. Kaolin is used for ceramics, paint and paper coatings and cosmetics.
Both of the tenements are next to Andromeda Metals’ (ADR) land, where both kaolin and halloysite have been found.
PepinNini is now undertaking a due diligence on Hillside and the tenements. The company has an exclusive period to decide on the purchase, which will end on February 7, 2021.
Placement
PepinNini is also aiming to raise $527,000 through a placement.
Under the raise, the company will issue 3.1 million shares at 17 cents per share and will have one free-attaching option for every two shares issued to subscribers under the placement.
The option will be exercisable at 35 cents each at any time on or before December 31, 2023.
Funds raised will be used on exploration work at the tenements as well as the company’s other projects the Musgrave Project in South Australia and Santa Ines Copper-Gold Project in Argentina.
On the market today, PepinNini is up 73.3 per cent and trading at 26 cents each at 12:31 pm AEDT.