Battery Age Minerals Ltd (ASX: BM8) has received firm commitments to raise approximately A$6.4M through the issue of:
• 11,726,549 fully paid ordinary shares in the company utilizing the “flow-through shares” provisions under Canadian tax law, at an issue price of A$0.46 per share to raise approximately A$5.4M (C$4.7M)
• 2,941,176 fully paid ordinary shares in the company in a traditional placement to institutional and sophisticated investors at an issue price of A$0.34 per share to raise approximately A$1M
Battery Age managing director, Gerard O’Donovan, commented, “The proceeds of this strongly supported raising will allow us to maintain the early exploration momentum we have built up at Falcon Lake and build quickly on the encouraging results we have delivered from our maiden drill programme to unlock the potential of the asset.”
“Coupled with drilling completed to date, we are very excited about the additional targets we have discovered recently through the summer fieldwork programme. This has confirmed the presence of mineralization across a 5km prospective corridor at Falcon Main, and we now have an extensive pipeline of drill targets to test.”
The offer for flow-through shares has been facilitated by Canadian flow-through share dealer, PearTree Securities Inc., pursuant to a subscription and renunciation agreement with the company, and a block trade agreement being facilitated by the joint lead managers.
The funds will underpin continued aggressive exploration activities and up to ~15,000m drilling at the Falcon Lake Lithium Project, including:
- Step-out drilling with a focus on building on recent outstanding assay results including 27.6m @ 1.37% Li2O from 16.65m down-hole and 21.92m @ 1.44% Li2O from 5.7m down-hole, with further assays pending
- Further drilling at additional drill targets that have been discovered through a systematic summer fieldwork programme which has extended the mineralized corridor to 5km
- Continued systematic exploration at the Falcon Lake Project
To find out more, please visit www.batteryageminerals.com.au
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