Superior shakes the tin for exploration funding
PERTH (miningweekly.com) – Junior explorer Superior Resources has announced a A$4-million share placement to fund exploration drilling at its Greenvale project in Queensland, and to progress feasibility work at the Steam Engine gold project.
The company will place more than 133.3-million shares at a price of 3c each, with one attaching option issued for every two shares subscribed for. The options would have an exercise price of 6c each and an expiry date of the end of November 2024.
The share placement will be undertaken under Superior’s existing placement capacity, and will not require shareholder approval.
“We are very pleased with the competitive demand under the capital raise in uncertain market conditions. This clearly demonstrates the value potential in the Superior stock,” said MD Peter Hwang.
“We are now fully funded to accelerate exploration across multiple prospects with at least two drill rigs within the Greenvale porphyry province. With drilling planned to commence next month at our most advanced porphyry prospect, Cockie Creek, and a second drill rig starting shortly afterwards at Bottletree, we are expecting a lot of exciting momentum at Greenvale.
“In the meantime, we have become particularly excited about new developments that are starting to emerge with a third porphyry prospect, Wyandotte. Detailed field studies are starting to show signs that this may be our most important potential porphyry prospect.
“From the programme of activity that we can see ahead of us, this year is shaping up to be a very exciting one indeed. We will provide further updates on each of the prospects as activity starts to ramp up,” said Hwang.
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