PERTH (miningweekly.com) – ASX-listed Podium Minerals has raised A3.9-million from a targeted A$4.6-million in non-renounceable entitlement offer, offering one new share for every 15 shares held.
The company in July launched a A$6.6-million capital raise, which consisted of a A$2-million share placement and the non-renounceable entitlement offer, to fund exploration work.
The entitlement offer was priced at 22c a share, and closed on August 5, with some 17.8-million shares subscribed for. The uptake represented an approximate 85% take-up rate of entitlements by eligible shareholders.
Podium said on Friday that the remainder of the entitlement offer shortfall is being managed by Canaccord Genuity.
Podium will use the proceeds from the entitlement offer and placement to complete drilling and associated exploration activities to deliver an updated mineral resource statement within the scope of the current Stage 9 and Stage 10 drilling programmes, the continuation of metallurgical test work ahead of a scoping study, and the preparation for future phases of exploration drilling which will focus on growing the resource and building geological understanding of the orebody ahead of the scoping study.