PERTH (miningweekly.com) – Explorer Anax Metals will raise A$5-million in a non-renounceable entitlement offer to fund exploration at its Whim Creek base metals project, in Western Australia, as well as for lithium exploration initiatives.
The entitlement offer is being conducted on the basis of one new share for every three existing shares held, at an issue price of 3.5c each. Participants in the entitlement offer would also be issued with one free attaching unquoted option for every two new shares subscribed for, exercisable at 6c each and expiring at the end of 2025.
Anax on Wednesday said that the company had received an irrevocable commitment from its major shareholder and all eligible directors to participate in the offer, committing a total of A$1.4-million.
“We are pleased to offer all our shareholders the opportunity to participate in this capital raising. The team looks forward to unlocking further value through the ongoing project development and debt funding initiatives in parallel with the exciting lithium exploration programmes that are in progress,” said MD Geoff Laing.
“The company is ideally positioned to become a Pilbara copper producer with a processing hub while exploiting the lithium potential on our prospective tenure.”