PERTH (miningweekly.com) – Junior Investigator Resources will raise A$8-million through a share placement to fund exploration work at its Paris silver project, in South Australia.
The company on Thursday said that 266.7-million shares would be placed at a price of 3c each, in two tranches.
The first tranche of 183.33-million shares will be placed under Investigator’s existing placement capacity, while the second tranche of 83.33-million shares will be subject to shareholder approval at a meeting scheduled for early September.
Investigator’s major shareholder, Merian Gold and Silver Fund, has agreed to be a cornerstone investor in the raising, contributing A$4-million.
The funds raised will go towards the completion of a prefeasibility study at Paris, as well as to fund exploration work and working capital.
“We have been impressed by the demand for this silver story from investors in this recent transaction. We are particularly appreciative of the support extended by existing shareholders and welcome new shareholders to the company,” said Investigator MD Andrew McIlwain.
“We have commenced preparatory work for an anticipated start to drilling in early September, and anticipate delivering results that will support the confidence that investors have shown in a backdrop of strong and rising silver metal prices.”