Hammer raises funds for exploration
PERTH (miningweekly.com) – Metals explorer Hammer Metals will raise A$3.72-million in a share placement to fund exploration in Queensland.
The company has received binding commitments for the placement of 62-million shares at a price of 6c each, with the placement to be undertaken in a single tranche under Hammer’s existing placement capacity.
The junior said on Tuesday that the placement had been well supported by existing shareholders as well as several new high-quality institutional and sophisticated investors.
“We are very pleased with the outcome of the placement, which was well supported by existing shareholders and a number of new institutional investors. With the recent success generated by our drilling programmes across numerous copper/gold targets in the Mount Isa region, we are very excited to continue the momentum by accelerating exploration efforts throughout the remainder of the year,” said Hammer MD Daniel Thomas.
The placement will allow the company to undertake follow-up drilling at key copper/gold targets and rare earth targets in the Mount Hope region, and to advance mining and processing studies on the Kalman deposit, as well as funding other exploration work across the Mount Isa region and in Western Australia.
Comments
The login details you entered is incorrect. Please try and re-enter your username and password. If you continue having problems, please contact us at subscriptions@creamermedia.co.za for assistance.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
