- Silica sands explorer Perpetual Resources (PEC) has completed a capital raising and raised $2 million
- Two German-based institutions subscribed for shares under the placement
- The shares will be issued along with five million unlisted attaching options, exercisable at 13 cents and expiring 24 months from issue
- Perpetual will use the $2 million to further advance its Beharra Silica Sand Project in Western Australia, in particular, undertaking permitting and approval activities
- After emerging from a trading halt, Perpetual is up 5.56 per cent on the market with shares trading at 9.5 cents
Silica sands explorer Perpetual Resources (PEC) has completed a capital raising and raised $2 million.
To raise the $2 million, 25 million ordinary fully-paid shares were issued at 8 cents.
The placement was subscribed for by German-based companies Delphi Unterenehmensberatung and Deutsche Balaton.
Deutsche Balaton will emerge from the placement with a five per cent holding in Perpetual.
The shares will be issued along with five million unlisted attaching options, exercisable at 13 cents and expiring 24 months from issue.
Perpetual will use the $2 million to further advance its Beharra Silica Sand Project in Western Australia, specifically on permitting and approval activities.
“We are encouraged by the strong vote of confidence shown in our company by an investor of such high calibre and welcome our newest substantial shareholders as a capital partner for our business,” Executive Chairman Julian Babarczy said.
“Funds raised will allow us to rapidly progress Beharra, which we believe will emerge as a leading silica sand export project at a time of persistently strong regional demand for silica sand products,” he added.
After emerging from a trading halt, Perpetual is up 5.56 per cent on the market with shares trading at 9.5 cents at 2:31 pm AEDT.