Australia-listed Olympio Metals has announced that it has received firm commitments to raise about A$1.1-million, or C$1-million, through a flow-through share placement under the Income Tax Act of Canada.
The company will issue 6.7-million shares at C$0.15 a share, which is the equivalent of A$0.17 a share.
The new shares will be issued at an 88% premium to the closing price of Olympio on March 4, and a 100% premium to the secondary sale price of the new flow-through shares.
The placement secures funding for exploration at a premium to Olympio’s share price and reduces shareholder dilution using the benefits of the Canadian flow-through regime, explains MD Sean Delaney.
Olympio recently completed its first diamond drilling programme at the Cadillac lithium project, in Quebec, and intends to ramp up exploration over the coming months to unlock the potential of its 190 km2 land package near the mining town of Val d’Or.