PERTH (miningweekly.com) – Junior Power Minerals will raise A$5.5-million in a share placement to fund exploration work in Argentina and South Australia.
The ASX-listed company has received firm commitments for the placement of more than 10.57-million shares, at a price of 52c each, from sophisticated, professional and institutional investors.
The placement will be done under Power Minerals’ existing placement capacity, and will not require shareholder approval.
Funds raised will predominantly be used to advance and expand work programmes at the Salta Lithium project, in Argentina, where resource definition drilling is due to start this month. Drilling will commence at the Incahuasi Salar and will then progress to the Pocitos and Rincon Salares deposits.
Funds will also go towards the Eyre Peninsula kaolin/halloysite project, and the Musgrave nickel/copper/cobalt/platinum projects, both in South Australia.