Trek raises cash, acquires Arunta project
PERTH (miningweekly.com) – Junior explorer Trek Metals has acquired unlisted Elm Resources in a deal valued at A$300 000.
Elm Resources is the owner of the Arunta lithium and cobalt project, in the Northern Territory, which includes seven exploration licence applications totalling 5 274 km2.
Under the terms of the transaction, Trek would issue more than 8.5-million shares, priced at 3.5c each, in exchange for Elm Resources, with half of the shares to be escrowed for a period of six months.
Meanwhile, Trek was also hoping to raise A$2.1-million through a share placement, priced at 3.1c each.
The company said on Wednesday that it had received commitments from sophisticated and professional investors for more than 67.7-million shares. The placement will include a one-for-two free attaching unlisted option, exercisable at 6c each before November 2021.
The shares will be placed in two tranches, with the first tranche of 35.3-million shares falling within the company’s placement capacity. The second tranche, consisting of 23.5-million shares, will require shareholder approval.
Proceeds from the placement will be used to fund an initial assessment of the Arunta project, as well as to advance exploration activities at the Kroussou zinc/lead project, in Gabon.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation