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Multi-mineral explorer Petratherm Ltd (ASX:PTR) is set to plug $1.6 million into upcoming drilling work at its Muckanippie Titanium Project in South Australia, following completion of a successful placement.
The placement comprised around 45.7 million fully paid ordinary shares priced at $0.035 (or 3.5 cents) each, and it attracted support from both new and existing investors. Petratherm CEO Peter Reid contributed $20,000, while directors of the company collectively have agreed to add $200,000.
Petratherm is also looking to bank another $1 million with the offer of a share purchase plan, inviting eligible shareholders to subscribe for up to $30,000 each at the same price as the Placement.
Although the proceeds will mainly be focused on upcoming drilling operations at Muckanippie, it will also be used for progressing Petratherm’s copper projects, and general working capital.
Mr Reid said the support indicated by the placement boosted the company ahead of its program of work next month, which aimed to build on previously strong data.
“The Muckanippie Project, located in the northern Gawler Craton of South Australia is highly prospective for a range of high value critical minerals,” he said.
“Mapping, surface sampling, and re-assaying of historic drilling has discovered high-grade Titanium rich heavy mineral sands.
Petratherm is now well-funded and has a solid platform for its upcoming drilling operations due to start from early October.”
Petratherm shares have risen since the news. At 12:11 AEST, they were trading at 4.7 cents – a rise of 9.30% since the market opened.
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