Anax Metals Limited (ASX: ANX) has advised that it has received firm commitments from institutional, sophisticated, and professional investors to raise approximately A$2.54M (before costs) via the issue of 169,650,712 new fully paid ordinary shares at an issue price of A$0.015 per share.
Anax’s managing director, Geoff Laing, commented, “We are very pleased to have had such strong support for this raise. Whim Creek is poised to become a first mover base metals producer in the Pilbara and with both copper and zinc having enjoyed significant price upswings this year, our robust project and processing hub platform continues to grow in value.”
Net proceeds of the placement will be principally used for soil and auger sampling, geophysics, and RC drilling over VMS targets at the Evelyn Project, geophysics and RC drilling at the Mons Cupri South prospect, and geophysics at the Whim Creek deposit.
Additionally, the placement issue price of A$0.015 per share represents a 17% discount to the last traded price of A$0.018. The company expects the placement shares to be quoted on 17 October 2024. The placement shares will rank equally with the existing fully paid ordinary shares on issue.
To find out more, please visit www.anaxmetals.com.au
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