PERTH (miningweekly.com) – Junior Pursuit Minerals has received firm commitments to raise A$8.25-million in a share placement to sophisticated investors to fund exploration work at its platinum group metal/nickel/copper projects, in Western Australia.
The company on Thursday said that some 119.5-million shares would be placed, at a price of 6.9c each, under Pursuit’s existing placement capacity.
The company also announced that it would issue Stocks Digital with three-million shares for nil cash consideration, topping up that company’s marketing services with an additional A$207 000 worth of services, while issuing share placement lead manager CPS Capital with 20-million options for distribution to brokers that assisted with the placement.
“The company is delighted with the strong support for the placement. This raising will provide critical funding to conduct our inaugural drilling at Phil’s Hill prospect in conjunction with ongoing geophysics, geochem, land access obligations on the Warrior tenements,” said Pursuit CEO Mark Freeman.
“The funding will also be used to progress the new Combatant project in the Murchison and the Gladiator gold project near Laverton.”