https://www.miningweekly.com
Exploration|Flow|PROJECT|Projects|Resources|Flow
Exploration|Flow|PROJECT|Projects|Resources|Flow
exploration|flow-company|project|projects|resources|flow-industry-term

Dreadnought sets A$21.4m raising target

1st February 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed junior Dreadnought Resources will raise A$21.4-million to fund work at its rare earth projects, particularly the Mangaroon critical minerals project in Western Australia.

The company on Wednesday said it had received firm commitments from institutional and sophisticated investors for the placement of 200-million new ordinary shares, at a price of 10c each, to raise A$20-million.

The placement price represents a discount of 9.1% to Dreadnought’s last trading price, and a 2.1% discount to the company’s five-day volume weighted average share price prior to January 27.

In addition to the share placement, directors of the company have also committed to subscribe for A$1.4-million of new shares, also at an issue price of 10c each, subject to shareholder approval at an extraordinary general meeting which is expected in March.

The company has also received application for the exercise of four-million options, which could inject a further A$90 000 in funding. The issue of shares upon the exercise of the options is expected to occur in line with the settlement of the placement.

Proceeds from the placement will be used to advance the company’s portfolio of projects, with the primary focus being the delivery of rare earth discoveries and resource upgrades at Mangaroon.

“The range and scale of minerals we have identified has seen Mangaroon emerge as a world-class critical metals province in about six months. We have already identified a source of the regional rare earths at the C3 carbonatite with potentially more to come. These funds will allow for further rapid progress on rare earths and a range of other critical metals at Mangaroon,” said Dreadnaught MD Dean Tuck.

“The company will also progress activities at its other projects, which are showing considerable promise as ongoing exploration continues. All this amounts to continuous news flow and an exciting period ahead for Dreadnought.

“Dreadnought would like to thank shareholders, new and existing, for the continued support and we look forward to delivering on our strategy to uncover the potential of our exciting portfolio of assets.”

Edited by Creamer Media Reporter

Comments

Showroom

Magni SA
Magni SA

Magni SA is committed to developing the safest Telehandlers available to our customers for underground and surface mining, construction, forestry,...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.107 0.142s - 109pq - 2rq
Subscribe Now