PERTH (miningweekly.com) – Junior CZR Resources has completed a A$283 000 share purchase plan (SPP) as part of a larger capital raise effort.
The explorer in June announced plans to raise A$7-million through a share placement to sophisticated and professional investors, in conjunction with the SPP.
An initial A$4-million was raised through a first tranche share placement, which consisted of more than 347.8-million shares at a price of 1.15c each, while a second tranche placement of more than 260.8-million shares would be subject to shareholder approval at a meeting scheduled for later this month.
As part of the capital raise, CZR had set a A$500 000 target for its SPP.
The ASX-listed company on Friday said that it would issue more than 24.6-million shares under the SPP, to raise some A$283 000. The board has resolved not to issue any of the A$217 000 shortfall in the SPP.
Funds from the placement will be used to advance the Robe Mesa iron-ore project, in the Pilbara, including funding feasibility studies and approvals.