Dakota raises funds for exploration
PERTH (miningweekly.com) – Strategic metals explorer Dakota Minerals has raised A$12.3-million through a share placement to accelerate drilling at its Lynas Find lithium project, in Western Australia.
The ASX-listed company placed 61.6-million shares, priced at 20c each, to institutional and sophisticated investors to raise the capital.
The issue price represented an 8.1% premium to the company’s last closing price and a 17.4% premium to its ten-day volume weighted average share price.
“We are extremely pleased at the investor support we have received from the domestic and international market, including a number of well respected institutions,” said Dekota’s non-executive chairperson John Fitzgerald.
“The placement was heavily oversubscribed, which is a testament to the excitement surrounding our early drill results and those still to come. These funds will allow us to progress Phase 2 and 3 of our Lynas Find exploration and drilling programme, as well as begin other exploration at some highly prospective areas.”
Phase 2 and 3 of the Lynas Find drilling programme was aimed at expanding the known mineralisation at the project area and to rapidly define a resource.
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