PERTH (miningweekly.com) – Junior Sipa Resources on Thursday announced that shareholder Ervin Vidor had increased his stake in the company to 17.6%, following the acquisition of another 122-million shares.
The A$819 840 in proceeds raised from the share placement will be used to support Sipa’s copper exploration campaign in Western Australia, the company said.
The issue price of 0.67c a share represented a 4.7% discount to Sipa’s 15-day volume weighted average price, with the shares to be issued under the company’s existing placement capacity.
Sipa MD Lynda Burnett said on Thursday that Vidor’s decision to increase his stake in the company represented a vote of confidence in the quality of the company’s assets and the potential of its high-impact exploration activities in Australia and Africa to deliver a step-change in value through discovery.