Pivotal raises funds for Canadian exploration
PERTH (miningweekly.com) – Junior Pivotal Metals has announced a A$4-million capital raise to advance its battery metals projects in Quebec.
The ASX-listed company on Tuesday said it had received A$3.9-million in commitments using the flow-through share provision under Canadian tax law, with the units priced at 6.34c a share, representing a 58.5% premium to Pivotal’s last closing price on May 10, and an 84.3% premium to the company’s 15-day volume weighted average share price.
A further A$0.2-million has also been committed through a private placement, priced at 3.25c a share, to sophisticated and professional investors.
For every two shares issued as part of the capital raise, Pivotal will also issue one free attaching option, which could be exercised at 6.5c each and would have a two-year term. The options would be subject to shareholder approval.
“Having secured a compelling battery metals portfolio in Quebec, the company is delighted to be in a position to progress the much-anticipated exploration work to unlock its exceptional value potential for shareholders over the next 12 months,” said Pivotal MD Steven Turner.
“The flow-through shares tax provisions in Canada have allowed Pivotal to raise the funds for the exploratory work at a significant premium to the company's last closing price on May 10. All funds committed, other than those requiring shareholder approvals, have been allocated to the flow-through shares element, thereby maximising the capital to deploy in the field and minimising dilution to shareholders.”
The capital raise will be used for a drill programme at the flagship Horden Lake copper/nickel/platinum group metal project, for which all necessary drilling permits have been received. Furthermore, an extensive metallurgical test programme has been planned.
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