- Sipa Resources (SRI) receives binding commitments to raise roughly $1 million through a share placement
- The company will issue 23.1 million shares at 4.5 cents to professional and sophisticated investors, as well as company directors
- Sipa Resources will use the money for drilling and other exploration work to target lithium, base metals and gold across various projects
- Sipa shares end the day 7.55 per cent in the red at 4.9 cents each
Sipa Resources (SRI) has received binding commitments to raise roughly $1 million through a share placement.
The company will issue 23.1 million shares to professional and sophisticated investors at 4.5 cents each. The issue price represents a 13 per cent discount to the 15-day volume weighted average price.
Sipa also welcomed support from existing shareholders and directors.
“We appreciate the support of existing Sipa shareholders, directors and new parties and these funds enable us to continue our exploration works across our portfolio of West Australian projects into the New Year,” Managing Director Pip Darvall said.
Sipa Resources will use the money for drilling and other exploration work to target lithium, base metals and gold mineralisation across the Barbwire Terrace, Skeleton Rocks, Murchison, Wolfe Basin and Warralong projects.
The company expects the placement shares will settle on Friday, November 11, and be issued on the following Monday.
Sipa shares ended the day 7.55 per cent in the red at 4.9 cents each.