- Platina Resources (PGM) receives firm commitments to raise $2.23 million through a share placement to fund its WA gold portfolio
- The money will be directed towards reverse circulation drilling at the Xanadu project, phase two air-core drilling at the Challa project, acquisition costs of Sangold Resources, and working capital
- Further, Platina may use the funds to progress its master alloy development program and permitting work to secure a mining license for its namesake scandium project in NSW
- The company will issue up to 89 million new shares at 2.5 cents per share as part of its placement capacity to raise the funds
- Shares in Platina are trading 11.11 per cent lower at 3.2 cents per share at 1:16 pm AEST
Platina Resources (PGM) has received firm commitments to raise $2.23 million through a share placement to fund its WA gold portfolio.
The company said it would direct the money towards reverse circulation drilling at its Xanadu project, phase two air-core drilling at its Challa project, acquisition costs of Sangold Resources, and working capital.
In addition, Platina may use the funds to progress its master alloy development program and permitting work to secure a mining license for its namesake scandium project in NSW.
The company will issue up to 89 million new shares at 2.5 cents each under its placement capacity to raise the funds.
Subject to shareholder approval, Platina will also issue eight million broker options to Lead Manager Euroz Hartleys, exercisable at 4.5 cents each and expiring in two years.
Shares in Platina were trading 11.11 per cent lower at 3.2 cents per share at 1:16 pm AEST.