Pivotal completes raise for Horden Lake buy
PERTH (miningweekly.com) – ASX-listed Pivotal Metals, previously known as Rafaella Resources, has completed a A$4.3-million capital raise to complete the acquisition of the Horden Lake polymetallic/battery metals deposit, in Quebec.
Pivotal in September struck a deal to acquire the Horden Lake polymetallic/battery metals deposit from vendor Gestion Ora-Mirage Ltée, under which Pivotal would pay C$4-million, of which C$400 000 would be a non-refundable deposit and the balance would be payable within 90 days of signing.
Gestion Ora-Mirage Ltée will also receive a 1% net smelter return.
Pivotal has now placed 77.8-million shares at a price of 4.2c each, raising an initial A$3.3-million. The placement price represents a 12.5% discount to Pivotal’s last trading price and a 7.7% discount to the company’s five-day volume weighted average share price.
The shares were placed under the company’s existing placement capacity, and the shares will be issued on December 19.
A further A$1-million was raised through a convertible bridge loan note executed with Riverfront Global Capital, which could be drawn down in A$500 000 tranches.
“The end of 2022 has seen challenging equity markets. The company is therefore delighted to be able to announce the successful closing of the financing for the transformational acquisition of the Horden Lake deposit. In keeping with the strategy to advance this project as quickly as possible, the company has already engaged a specialist Canadian mining investment bank as we look to an active 2023 exploration and prefeasibility study programme,” said Pivotal MD Steven Turner.
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