Impact Minerals Limited (ASX: IPT) (Company) is pleased to announce that it has received firm commitments to raise $4,000,000 (before costs) via a placement of 242,424,242 shares (Shares) at 1.65 cents per share (Placement).
Following the completion of the Placement, the Company will have a cash balance of approximately $5 million.
Impact Minerals Managing Director, Dr Mike Jones said: 'We are pleased to now have the funds to continue to aggressively explore our key projects in New South Wales and Western Australia. The drill bit is still turning at Apsley and we are very excited to be able to be getting back to Broken Hill to follow up the breakthrough drill results for palladium, platinum, nickel and copper which we delivered late last year.
In addition, we will also be doing some first pass soil geochemistry at Arkun in the emerging nickelcopper-PGE province of south west WA as well defining drill targets at the Doonia gold project which has strong similarities to the exciting Burns discovery just 20 km away.
Shareholders both old and new can look forward to very strong news flow for the rest of this year'.
The Shares are to be issued to sophisticated and professional investors and pursuant to personal offers under section 708 of the Corporations Act.
Peak Asset Management, a boutique investment management firm, headquartered in Melbourne, Australia acted as the Lead Manager for the Placement.
Funds raised from the Placement will be used to continue to fund the on-going drill programme at the company's Apsley porphyry copper-gold prospect in the Lachlan Fold Belt of New South Wales where a number of coincident soil geochemistry and IP geophysical anomalies are being tested (ASX Release 13th April 2021).
In addition, follow up work programmes will also be commenced at Broken Hill and Arkun, targeting high grade palladium and other platinum group metals together with nickel and copper, as well as moving towards a maiden drill programme at the Doonia gold project in WA.
Contact:
Tel: (61 8) 6454 6666
Email: info@impactminerals.com.au
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