PERTH (miningweekly.com) – Junior Encounter Resources will raise A$10-million in a share placement to accelerate exploration at its Aileron iron-ore/copper/gold/critical minerals project, in Western Australia.
The company has received firm commitments from sophisticated and professional investors for the placement of 40-million shares, priced at 25c each, representing a 7.4% discount to Encounter’s last closing price.
The placement will be undertaken under Encounter’s existing placement capacity and will not require shareholder approval.
“The limited exploration to date in the West Arunta has shown that the region is highly prospective for the formation of iron-ore/copper/gold/ and carbonatite-hosted critical mineral deposits under shallow cover. This funding will allow us to accelerate activities across the West Arunta which has the hallmarks of a new copper and critical minerals province in Australia,” said Encounter MD Will Robinson.