Voltaic raises exploration funds
PERTH (miningweekly.com) – Junior explorer Voltaic Strategic Resources will raise A$7-million in a share placement to institutional and sophisticated investors under a two-tranche share placement.
The first tranche placement will consist of 62.2-million shares, priced at 5c a share, to raise an initial A$3.1-million under the company’s existing placement capacity. A second tranche placement of 82-million shares will be subject to shareholder approval and is expected to raise a further A$4.1-million.
The issue price of 5c a share represented a 9.8% discount to Voltaic’s five-day volume weighted average share price.
“Proceeds from the placement will enable us to systematically and rapidly advance exploration programmes at our flagship projects and upscale our operational activities. With this transformational placement, Voltaic is now well funded to drill a number of key lithium and rare earth targets across both our Ti Tree and Paddys Well projects,” said CEO Michael Walshe on Friday.
“We are especially excited to follow up our drilling at Ti Tree, where earlier in the week we announced we had intersected multiple thick pegmatites at the Andrada prospect, from “first pass” drilling, with widths of up to 58 m of continuous pegmatite from surface. We welcome the new shareholders to the company and thank all our existing shareholders for their continued support as we look to advance our strategic portfolio of assets.
“The placement was strongly supported; this excitement for critical minerals is highly encouraging and underpins the prospectivity for the Gascoyne region in playing a major role in Western Australia's future development.”
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