- Sipa Resources (SRI) will boost its cash position after receiving firm commitments to undertake a $2.3 million placement
- More than 32.3 million shares will be issued to sophisticated and professional investors at 7.2 cents a share
- Sipa will use the funds to complete its planned field programs for the remainder of the current financial year
- This work includes expanding the drilling program at the Wolfe Basin Project and completing an aeromagnetic survey at Skeleton Rocks
- Sipa is down 3.33 per cent and shares are trading for 8.7 cents each just before market close
Sipa Resources (SRI) will boost its cash position after receiving firm commitments to undertake a $2.3 million placement.
The company entered back-to-back trading halts on September 14 but did not disclose how much it would be raising at the time.
All up, 32,361,115 fully paid ordinary shares will be issued to sophisticated and professional investors at 7.2 cents a share.
This price represents a 17.5 per cent discount to the five-day volume-weighted average price, and a 17.7 per cent discount to the 15-day volume weighted average price.
Sipa will use the funds to complete its planned field programs for the remainder of the current financial year.
This work includes expanding the drilling program at the Wolfe Basin Project if positive results are received, completing an aeromagnetic survey at Skeleton Rocks, and undertaking drilling programs at the Warralong, Skeleton Rocks, and Barbwire Terrace projects.
Shares are expected to be issued on September 18.
Sipa is down 3.33 per cent and shares are trading for 8.7 cents each at 4:13 pm AEST.