Minrex raises funds
PERTH (miningweekly.com) – Junior Minrex Resources will raise A$13.5-million in a share placement to fast-track exploration works at its Pilbara lithium projects.
The company on Thursday said it had received firm commitments for the placement of more than 217.7-million shares, at a price of 6.2c each.
The share placement will be conducted under the company’s existing placement capacity, with a cornerstone group of investors subscribing for more than 109.6-million shares, with a further 108-million shares taken up by other sophisticated and professional investors.
The placement included a one-for-two free attaching option, which will have an exercise price of 10c each and an expiry date of two years.
The offer price of 6.2c a share represented a 16.2% discount to Minrex’s 15-day volume weighted average closing price.
“This capital raising marks another important milestone in our journey to becoming the next lithium producer in Pilbara. The past six months have seen us complete an outstanding acquisition of highly prospective lithium/tin/tantalum projects, with the identification of extensive spodumene and lepidolite from surface pegmatites,” said MinRes MD George Karageorge.
“The successful completion of the placement will allow Minrex to increase our exploration momentum during this year. We look forward to furthering our relationships with our cornerstone investors given their experience in the exploration, development, refining and processing of precious and battery metals in Australia.”
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