ITech Minerals Ltd - RESULTS OF SHARE PURCHASE PLAN

About this update from Itech Minerals Ltd

iTech Minerals Ltd (iTech or Company) (ASX: ITM) announces the results of the Company's Share Purchase Plan (SPP), which closed on 7 August 2024 . The SPP complemented the Company's recent placement to sophisticated and institutional investors to raise $1.8 million (Placement). The Company's SPP was targeting $1 million and received subscriptions for $1.1 million . Tech will accept applications for all subscriptions and there will be no scale back of the 15.5 million new fully paid ordinary shares issued under the SPP, which will rank equally with existing shares from their date of issue. The new shares will be issued at $0.071 each, which is the same price offered in the Placement, and have been allotted today, 13 August 2024 . The proceeds of the SPP and Placement will be used to fund drilling at the Scimitar Cu-Au-Ag Prospect, regional Cu-Au-Ag and Li exploration at Reynolds Range , Lacroma and Sugarloaf metallurgy, graphite pilot plant scoping study and working capital. 'On behalf of the Board of iTech Minerals , I would like to sincerely thank our shareholders for their ongoing support though this capital raising. iTech is now funded to complete continue with our graphite programs on the Eyre Peninsula and commence a broader exploration program at our newly acquired Reynolds Range Project in the Northern Territory .' Contact: Tel: +61 2 5850 0000 (C) 2024 Electronic News Publishing, source ENP Newswire

View stock analysis, news, and events for Itech Minerals Ltd