PERTH (miningweekly.com) – Junior Elementos will raise A$6.1-million in a share placement to institutional and sophisticated investors to fund work at its Oropesa tin project, in Spain.
The share placement, which will be priced at 1c a share, will be undertaken under the existing placement capacity, and will not require shareholder approval.
Elementos on Monday said that share placement participants would receive options on a one-for-two basis, with an exercise price of 1.5c each and an expiry date of the end of April 2022.
Elementos chairperson Andy Greig said that the capital raise would be used to bring the current 48-hole drilling programme to a close and to fund the completion of the optimisation programme designed to unlock further value at the project.
“Oropesa is one of few globally significant, opencut mineable tin deposits in the world.
“At a time when the gap between tin supply and demand is widening due to increasing consumption of electronic equipment and tin chemicals, Elementos is committed to bringing this project to life sooner rather than later.”
Following the completion of the optimisation work, a new Joint Ore Reserves Committee-compliant mineral resource estimate would be prepared and would add to the feasibility work and ongoing environmental activities for the project.