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- Trek Metals (TKM) announces a $2 million share purchase plan (SPP)
- The SPP forms part of the company’s capital raising efforts, through which it is hoping to raise around $5.5 million to fast-track its Pilbara exploration strategy
- Eligible shareholders can subscribe for up to $30,000 worth of shares at 11.5 cents each
- The plan is scheduled to close on November 17
- Shares in Trek Metals were up 4.76 per cent to 11 cents at the close of trading on Thursday
Trek Metals (TKM) says it is aiming to raise up to $2 million in additional capital through a newly announced share purchase plan (SPP).
The financing forms part of the company’s wider capital raising efforts, under which it is seeking to raise around $5.5 million to fast-track its Pilbara exploration strategy.
According to the SPP, Trek will give eligible shareholders the chance to subscribe for up to $30,000 worth of shares at a price of 11.5 cents each, without incurring brokerage fees, commissions or other transaction costs.
The issue price represents a discount of just over 19 per cent to the volume-weighted average price of TKM shares over the last five trading days.
Trek Metals CEO Derek Marshall said the SPP gives shareholders the opportunity to participate in an “important” financing on the same terms as investors who participated in an earlier share placement.
“This will put us in a very strong position to accelerate our exploration programs and unlock the full potential of the Pincunah Project, where follow-up drilling is currently underway at the emerging Valley of the Gossans base metal discovery,” Mr Marshall said.
The SPP is scheduled to close on November 17.
Shares in Trek Metals were up 4.76 per cent to 11 cents at the close of trading on Thursday.
