- Junior explorer Shree Minerals (SHH) has received firm commitments for a $1.2 million placement to professional and sophisticated investors
- The company will use the money to progress exploration across its portfolio
- Shares were offered at 0.6 cents — a 7.1 per cent discount to the 10-day volume-weighted average price
- A quarter of the offer will require shareholder approval as shares will be issued to company directors and related parties, and are in excess of the company’s existing placement capacity
- Shree Minerals closed Thursday’s session 33.3 per cent higher at 0.8 cents per share
Junior explorer Shree Minerals (SHH) has received firm commitments for a $1.2 million placement to professional and sophisticated investors.
$900,000 in shares will be issued under the company’s existing placement capacity. The remaining $300,000 will require shareholder approval as the shares will be issued to company directors and their related parties.
All shares will are offered at 0.6 cents, representing a 7.1 per cent discount to the 10-day volume-weighted average price.
Shree Executive Director, Sanjay Loyalka, says the company will use the money to fund exploration programs across the company’s holdings.
“The company has recently assembled an exciting portfolio of early to mid-stage highly prospective exploration projects in gold & base metals in Australia,” Sanjay said.
“These projects have not benefitted from modern exploration techniques,” he added.
The company will also progress re-permitting of Nelson Bay River iron project to potentially recommission the extant mine at the site.
It’s expected a shareholder meeting will be held around the end of September to approve the last portion of the placement.
Shree Minerals closed Thursday’s session 33.3 per cent higher at 0.8 cents per share.