PERTH (miningweekly.com) – ASX- and Aim-listed Future Metals will raise A$5-million to fund exploration work in Western Australia.
The company has received firm commitments for the placement of 40-million fully paid ordinary shares, at a price of 12.5c each. The placement will be done within Future Metals’ existing placement capacity, and will not require shareholder approval.
Future Metals on Wednesday said that the placement would include the issue of one free listed attaching option for every three placement shares issued, exercisable at 10c a share and with an expiry of June 11, 2024.
In conjunction with the placement, Future Metals will be undertaking a share purchase plan (SPP) on the same terms of the placement, to raise up to A$0.5-million.
Proceeds from the placement and SPP will be used to fund exploration activities to test the Panton project’s significant nickel/copper/platinum group metals (PGMs) potential and to progress a scoping study based on the existing PGMs resource, as well as ongoing metallurgical test work and for general working capital.
“This fundraising enables the company to engage in a targeted exploration programme to test Panton for significant nickel/copper/PGM discoveries sitting outside of the current resource area while also ensuring that the company is fully funded to progress the scoping study on its large existing PGMs/nickel resource,” said Future Metals MD Jardee Kininmonth.
“We appreciate the continued support from existing sophisticated and institutional investors and welcome several new investors to the register. We are pleased to announce a share purchase plan which will enable our valued retail shareholder base the opportunity to participate in the fundraising on the same price and terms as the placement."