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S2 Resources raises exploration funds

20th July 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Junior S2 Resources will raise A$7.75-million through a share placement to fund accelerated exploration in both Australia and Finland.

The ASX-listed company on Monday said that it would place some 62-million shares at a price of 12.5c each under its existing placement capacity, with the offer price representing a 13.8% discount to the company’s last closing price.

Following the share placement the company will have A$14-million in cash, with S2 telling shareholders that proceeds from the placement will go towards ongoing exploration activities in Finland, and to increase exploration work in Australia.

“This placement not only strengthens our balance sheet but continues to strengthen our register with existing major shareholders substantially increasing their position. This enables the company to vigorously pursue its various gold and base metal exploration opportunities in Australia and Finland with drilling in Finland being managed by S2’s EU personnel and exploration continuing unimpeded in Western Australia, despite the constraints imposed elsewhere by the Covid-19 pandemic,” said executive chairperson Mark Bennett.

Edited by Creamer Media Reporter

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