PERTH (miningweekly.com) – ASX-listed explorer Sky Metals has received binding commitments for a A$3.5-million share placement to accelerate the development of its Tallebung tin project, in New South Wales.
The company will place 77.8-million shares, at a price of 4.5c each, in one tranche under its existing placement capacity, with the offer price representing an 18.2% discount to Sky’s last closing price and a 14% discount to its 15-day volume weighted average share price.
Proceeds from the placement will be used for resource infill and expansion drilling at Tallebung, as well as mine scoping studies, metallurgical studies at the Doradilla tin and rare earth projects, and for general working capital.