Nimy Resources Limited (ASX: NIM) (Nimy or the Company) is pleased to announce that it has received firm commitments for $1.217 million in a placement to sophisticated, professional and otherwise exempt investors through the issue of 24.34 million shares at 5 cents per share (Placement Shares), including participation by the Company's Directors (Placement).
Use of Funds
Fund raised from the Placement, together with the Company's existing cash reserves, will be used for: Drilling campaigns at Masson Discovery, Block 3 and Vera's Gossan Prospect; Electromagnetic surveys at Masson Discovery, Block 3 and Vera's Gossan Prospect; Induced polarisation survey at Block 3 Prospect and For working capital purposes
Nimy's Executive Director Luke Hampson said: 'Nimy Resources is pleased to see the strong support from existing and new shareholders for this Placement as it demonstrates the confidence investors have in the Company's ongoing exploration activities as it now progresses into the next stage of drilling in three targets across multiple commodities, most notably copper, nickel, cobalt and PGE's. It truly is an exciting time for all shareholders'.
Directors' Participation
The Company's Directors have committed to subscribe for a combined total of $160,000 (3,200,000 Placement Shares) in the Placement. Pursuant to ASX Listing Rule 10.11, Director participation is subject to shareholder approval which the Company will seek at a general meeting to be held around late August 2024, with Shares to be issued shortly thereafter (early September 2024)
Placement Details:
The Placement will result in the issue of 24,340,000 new fully paid ordinary shares at an issue price of 5 cents each. The issue of the Placement Shares, other than to the Directors, is not subject to shareholder approval and will be issued under the Company's placement capacities under ASX Listing Rule 7.1 (7,198,305 Placement Shares) and Listing Rule 7.1A (13,941,695 Placement Shares). These Placement Shares are anticipated to be issued on or around 19 July 2024. Placement Shares will rank equally with the existing fully paid ordinary shares on issue. The issue price of 5 cents per Placement Share represents a 15.3% discount to the last ASX closing share price of 5.9 cents per share on 9 July 2024 and a 16.7% discount to the 10-day volume weighted average price (VWAP) of the Company's shares (being 6 cents) prior to the trading halt announced on 10 July 2024. Trident Capital acted as Lead Manager and Corporate Advisor to the Placement. This announcement is intended to lift the trading halt currently in place and has been authorised for release by the Board of Directors of Nimy Resources Limited.
Board and Management Simon Lill Non-Executive Chairman Luke Hampson Executive Director Christian Price Executive Director Henko Vos Secretary/CFO Fergus Jockel Geological Consultant Ian Glacken Geological Technical Advisor
Contact:
Richard Moody
Tel: (08) 9261 4600
Email: info@nimyresources.com.au
Competent Person's Statement The information contained in this report that pertain to Exploration Results, is based upon information compiled by Mr. Fergus Jockel, a full-time employee of Fergus Jockel Geological Services Pty Ltd. Mr. Jockel is a Member of the Australasian Institute of Mining and Metallurgy (1987) and has sufficient experience in the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (the JORC Code). Mr Jockel consents to the inclusion in the report of the matters based upon his information in the form and context in which it appears.
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