PERTH (miningweekly.com) – Junior Sipa Resources will raise A$2.3-million in a share placement to fund exploration work in Western Australia.
The explorer on Wednesday said that it has received firm commitments for the placement of some 32.3-million shares, at a price of 7.2c each, which represented a discount of 17.5% to the company’s five-day volume weighted average share price.
The shares will be issued under the company’s existing placement capacity, and will not require shareholder approval.
Proceeds from the capital raising will go toward expanding the drill programme at the Wolf basin, assuming that positive results are received, completing a detailed aeromagnetic survey at Skeleton Ricks, funding a drill programme at Warralong, Skeleton Rocks and Barbwire Terrace, and for general working capital purposes.