Encounter Resources Ltd (ASX:ENR) has received firm commitments for a placement to raise approximately A$4 million to fund exploration in WA and the NT.
“The strongly supported Placement will allow us to accelerate exploration at our extensive portfolio of 100% owned exploration projects,” Managing Director, Will Robinson, said.
“The company will focus primarily on copper and lithium exploration activities at Sandover in NT, advancing the IOCG and rare earths potential at Aileron in the West Arunta region of WA and the Lamil copper-gold project in the Paterson Province of WA.”
The Placement will ensure the company is well funded to accelerate exploration activities and will primarily be used to advance exploration at Encounter’s extensive 100% owned project portfolio including:
– Sandover Copper-Lithium project in the Northern Territory;
– Aileron IOCG-Rare Earths project in the West Arunta in WA;
– Lamil Copper-Gold project in the Paterson Province; and
– Other NT copper projects and working capital.
In addition, Encounter shareholders have significant leverage to multiple, well-funded, partner exploration programmes via farm-in agreements with world leading resources companies to provide up to A$65m in initial exploration funding.
Canaccord Genuity (Australia) Limited and Chieftain Securities (WA) Pty Ltd acted as Joint Lead Managers to the Placement.
For further information please visit: https://www.encounterresources.com.au/
