Revolver raises exploration cash
PERTH (miningweekly.com) – Junior Revolver Resources will raise A$5-million to fund an accelerated exploration programme at its Osprey and Dianne copper projects in Queensland.
The capital raise will include the issue of more than 15.6-million shares, at a price of 13c each to raise an initial A$2.04-million. For every two shares issued, subscribers will also receive one unlisted option with a 36-month term and a strike price of 20c a share.
The share placement will be undertaken in two tranches, with the first tranche of more than 10.6-million shares to be issued under the company’s existing placement capacity. The second tranche of 5-million shares will be issued subject to shareholder approval.
Revolver has also executed a binding term sheet for a A$3-million convertible loan facility with existing shareholder Kamjoh. The convertible loan facility is unsecured, with a term of 36 months, drawable in A$500 000 tranches, and has an interest rate of 7.5% a year on any drawn balance. It also provides a conversion right, solely to Revolver, to convert the drawn balance at any time to Revolver equity at a conversion price of 20c a share.
“This compelling funding package delivers immediate liquidity to the business but also judiciously manages dilution at the current equity raise price. The funds raised through this process allow us to accelerate our drilling plans at both Osprey and Dianne, more rapidly pursuing the latent potential on offer across both assets,” said Revolver MD Pat Williams.
“The Revolver team is excited about having the drill rigs turning and focusing on high-priority, high-potential targets at both projects over the coming months.”
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