Connect with us

Hi, what are you looking for?

Smart Success Strategy – Investing and Stock NewsSmart Success Strategy – Investing and Stock News

Editor's Pick

Impact funded to complete Pre-Feasibility Study at the Lake Hope High Purity Alumina Project, WA

Impact Minerals Limited (ASX:IPT) (Company) is pleased to advise that it has received firm commitments from sophisticated investors for a strategic placement (Placement) to raise A$3,000,000 (before costs) via the issue of 150,000,000 fully paid ordinary shares (Placement Shares) in the capital of the Company (Shares) at an issue price of A$0.02 per Placement Share. For every three Placement Shares subscribed for, one free-attaching option will be issued with an exercise price of $0.027 per option and an expiry date that is 15 months after the date of issue (Placement Options).

Strategic A$3 million placement mostly supported by major shareholders to be issued under the Company’s existing available placement capacity under ASX Listing Rule 7.1.In addition, funds being received from exercise of listed options (IPTOB) into shares.Anticipated Research and Development Rebate of $395,000 due shortly.

Major shareholders strongly supported the placement, an endorsement of the Company’s future strategic plans.

Impact Minerals’ Managing Director Dr Mike Jones, said, “We are now very well-funded to complete the Pre-Feasibility Study on our unique Lake Hope High Purity Alumina Project located here in Western Australia by the end of this year. We have deliberately placed most of the shares to our major shareholders which is a strong endorsement of our plan to move forward as quickly as possible with Lake Hope and we thank them for their support.

We would also like to thank those new shareholders who have recently exercised our listed IPTOB 2 cent per share options I would like to encourage other holders of IPTOB to consider doing the same before the expiry date of June 2nd. As well as the Lake Hope project we will also be able to progress our Arkun battery and strategic metals project for which we recently received up to $180,000 in co-funding from the WA Governments Exploration Incentive Scheme for drilling of our exciting Caligula copper target”.

The proposed use of funds of the placement funds is as follows:

Evolution Capital and Barclay Pearce Capital acted as the Joint Lead Managers to the Placement (Broker) and will be issued a cumulative total of 15,000,000 options exercisable at A$0.027 each with an expiry date 15 months after the date of issue (Broker Options). The Broker Options will be split equally between the Joint Lead Managers.

In addition to the Broker Options, the Brokers will receive a Management fee of 2% of Proceeds from the Offer and a Selling Fee of 4% of Proceeds from the Offer excluding the Chairman’s List.

The Placement Shares, Placement Options and Broker Options will be issued under the Company’s existing available placement capacity under ASX Listing Rule 7.1. The issue price of the Placement Shares represents a 5.6% discount to the volume weighted average price for the 15 days immediately before 15 May 2024 being $0.0211.

All Placement Shares and Shares issued upon exercise of the Placement Options and Broker Options will rank equally with the Company’s existing Shares on issue.

Provided all the requirements under the ASX Listing Rules have been met, the Company intends to seek quotation of the Placement Options and Broker Options, and to issue the Placement Options and Broker Options under a prospectus.

Click here for the full ASX Release

This post appeared first on investingnews.com
Enter Your Information Below To Receive Latest News, And Articles.



    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    The energy revolution is here to stay, and electric vehicles (EVs) have become part of the mainstream narrative. Despite geopolitical tensions and uncertainty, the...

    Editor's Pick

    Overview Mexico’s Sinaloa state hosts a number of prolific silver and gold mines, including McEwen Mining’s (TSX:MUX) El Gallo Complex, Americas Gold and Silver’s...

    Editor's Pick

    Uranium is an important energy sector commodity, and its rising value has attracted investor interest. 2023 has seen uranium prices solidly above the important...

    Investing

    A new survey shows that the presidential race between former President Donald Trump and President Biden is thin, but Biden faces a deficit in...

    Disclaimer: smartsuccessstrategy.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 smartsuccessstrategy.com