PERTH (miningweekly.com) – Junior Alta Zinc will raise A$3.75-million to fund exploration drilling at its Gorno zinc project, in Italy.
The ASX-listed company has received binding commitments from professional and sophisticated investors to subscribe for some 750-million shares, at a price of 5c each, under the company’s existing placement capacity.
The offer price represented a 16.7% discount to Alta’s last closing price on March 19, and a 16.7% discount to its 15-day volume weighted average share price.
“The placement allows us to continue to extend our current dual-rig underground drilling programme at Gorno, where we have had outstanding success in identifying high-grade mineralisation in the current areas and see similar potential in both extensional and new target areas,” said Alta’s MD Geraint Harris.
“The drilling completed to date and that which is ongoing will be integrated into our upcoming mineral resource update, and these funds will allow drilling to continue to further expand the resource base at Gorno and to advance our other exciting regional projects.”