- Zinc of Ireland (ZMI) completes a $1.6 million placement to fund the Earaheedy Basin project and exploration drilling in Ireland
- The funds form the first part of a two tranche placement, seeking to raise $2 million
- Under the first tranche, the company will issue 32 million new shares under its placement capacity
- A further $400,000 will be placed in the second tranche, subject to shareholder approval
- Shares are trading 4 per cent higher at 5.2 cents just before market close
Zinc of Ireland (ZMI) has completed a $1.6 million placement to fund the Earaheedy Basin project and exploration drilling in Ireland.
The funds form the first part of a two tranche placement, seeking to raise a total of $2 million.
Under the first tranche, the company will issue 32 million new shares under its placement capacity at 5 cents per share.
A total of eight million shares will be issued under the second tranche, subject to shareholder approval. This will raise an additional $400,000.
“ZMI is fully funded to pursue its planned drilling and other exploration requirements, which will be further strengthened by the successful completion of tranche two of this placement,” Non-Executive Director Thomas Corr said.
“With drilling ongoing in Ireland and accelerated works at our Earaheedy project, Western Australia, the company looks forward to updating shareholders regularly.”
Shares were trading 4 per cent higher today at 5.2 cents just before market close.