Encounter raises exploration funding
PERTH (miningweekly.com) – Junior Encounter Resources will raise A$4-million in a share placement to accelerate copper, lithium and rare earths exploration in the Northern Territory and Western Australia.
The ASX-listed company has received firm commitments for the placement of 33.3-million shares, at a price of 12c each, which will be placed under the company’s existing placement capacity.
Encounter directors have also made commitments to subscribe for A$300 000 of shares in the company, also at a price of 12c each, subject to shareholder approval at the company’s annual general meeting at the end of November.
“The strongly supported placement will allow us to accelerate exploration at our extensive portfolio of 100% owned exploration projects. The company will focus primarily on copper and lithium exploration activities at Sandover in the Northern Territory, advancing the iron-oxide/copper/gold and rare earths potential at Aileron in the West Arunta region of Western Australia and the Lamil copper/gold project in the Paterson Province of Western Australia,” said Encounter MD Will Robinson.
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