Dreadnought Resources Limited ('Dreadnought') is pleased to announce that firm commitments have been received for a placement to raise $3.71m at $0.018 per share before costs.
Dreadnought's Managing Director, Dean Tuck, commented: 'With this funding secured, we will continue to progress our niobium and gold drilling at Mangaroon. We are also advancing a number of commercialization discussions at Central Yilgarn, Bresnahan and the Money Intrusion. We would like to thank our existing and new shareholders for their support.'
Placement details
The Company is pleased to advise that firm commitments have been received to raise $3.71m (before costs) via a placement to institutional and sophisticated investors and the Company's Board of Directors ('Placement'). The Placement will comprise the issue of 194,444,445 new fully paid ordinary shares at an issue price of $0.018 per share representing a 10% discount to last trade price, 16.5% discount to 5-day VWAP. Completion of the Placement is expected to occur on or around 8 August 2024. In addition, the Company's Board of Directors have subscribed for a further11,666,667 shares which will be issued subject to shareholder approval to be sought at the Annual General Meeting to be held in November 2024. As a consequence, Directors have increased their total investment to $6.81m. The Placement shares (other than those being issued to Directors) will be issued utilising the Company's 15% placement capacity pursuant to ASX Listing Rule 7.1. The placement was arranged by Joint Lead Managers, Shaw and Partners and Canaccord Genuity
Contact:
Email: dtuck@dreres.com.au
Cautionary Statement
This announcement and information, opinions or conclusions expressed in the course of this announcement contains forecasts and forwardlooking information. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied. There are a number of risks, both specific to Dreadnought, and of a general nature which may affect the future operating and financial performance of Dreadnought, and the value of an investment in Dreadnought including and not limited to title risk, renewal risk, economic conditions, stock market fluctuations, commodity demand and price movements, timing of access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve estimations, native title risks, cultural heritage risks, foreign currency fluctuations, and mining development, construction and commissioning risk
Competent Person's Statement - Exploration Results and Exploration
Targets The information in this announcement that relates to geology, exploration results and planning, and exploration targets was compiled by Mr. Dean Tuck, who is a Member of the AIG, Managing Director, and shareholder of the Company. Mr. Tuck has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Tuck consents to the inclusion in the announcement of the matters based on the information in the form and context in which it appears. The Company confirms that it is not aware of any new information or data that materially affects the information in the original reports, and that the forma and context in which the Competent Person's findings are presented have not been materially modified from the original reports.
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