- Junior explorer PepinNini Minerals (PNN), formerly PepinNini Lithium, has entered back-to-back trading halts as it prepares to launch a capital raise
- PNN last raised capital as recently as late August, issuing 165 million fully-paid ordinary shares at 0.1 cent each, bringing in $165,000
- Four days after the initial raise, on August 25, PepinNini issued an extra 40 million shares at the same price, bringing the total funding raised to $205,000
- While little is known about PepinNini’s latest funding foray, it did disclose in today’s trading halt that the announcement involved a pro-rata offer
- Shareholders will find out more about the raise on or by Monday, September 28, when PepinNini shares emerge from the trading halts
- PNN shares last traded for 16 cents each in a $2.9 million market cap
Junior explorer PepinNini Minerals (PNN), formerly PepinNini Lithium, has entered back-to-back trading halts as it prepares to launch a capital raise.
The company, headquartered in South Australia, changed its name less than a month ago to reflect its diversified exploration targets across Australia and South America.
In Argentina, PepinNini is developing its lithium brine project, as well as exploring for copper and gold at the Santa Ines Project.
PNN last raised capital back in late August, issuing 165 million fully-paid ordinary shares at a tenth of a cent each, bringing in $165,000.
Four days after the initial raise, on August 25, PepinNini issued an extra 40 million shares at the same price, bringing the total funding raised to $205,000.
PNN said it would use the proceeds to fund work at its South Australian Musgrave Project, which is prospective for nickel-copper sulphide and base metal mineralisation.
Meanwhile, any remaining funds were earmarked for general working capital.
While not much is known about PepinNini’s latest funding foray, the company disclosed in today’s trading halt that the announcement involved a pro-rata offer.
This means shareholders can subscribe for new shares in the junior explorer in proportion to their current holding.
Shareholders will find out more about the raise on or by Monday, September 28, when PepinNini shares emerge from the trading halts.
PNN shares last traded for 16 cents each on September 21, in a $2.9 million market cap.