PERTH (miningweekly.com) – Junior BBX Minerals will raise A$6-million to fund a rare earth exploration (REE) programme in Brazil.
The ASX-listed company has received firm commitments for the placement of more than 222.2-million shares, at a price of 2.7c each, from sophisticated and professional investors.
The company will also issue a one-for-two option exercisable at 0.5c each with a two-year term.
The share placement will be completed in two tranches under the company’s existing placement capacity, while the option issue will be subject to shareholder approval at a meeting scheduled for mid-November.
“The company is extremely pleased with the strong support it has received from existing and new shareholders in the Placement, and the funds allow the Company to repay the Lind facility and have ample funds to advance exploration as we move towards announcing our mineral resource estimate in quarter one of 2024,” said BBM CEO Adre Douchane.
BBX’s key assets are the Três Estados and Ema gold/platinum group metal (PGM) projects and the REE projects at Ema, Ema East and Apui. The company has 419.1 km² of exploration tenements within the Colider Group and adjacent sediments, a prospective geological environment for gold, PGM, base metal and ionic rare earth elements deposits.