Chalice Mining (ASX:CHN) - Managing Director, Alex Dorsch
Managing Director, Alex Dorsch
Source: Hot Copper
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  • ASX 200 minerals explorer Chalice Mining (CHN) receives firm commitments to raise roughly $100 million
  • The funds will be raised through the issue of approximately 16.7 million new fully-paid ordinary shares to institutional and sophisticated investors at $6 each
  • Chalice will use the money to fund ongoing exploration and pre-development activities at its Julimar nickel-copper-PGE project in Western Australia
  • In particular, the money will go towards step-out and resource drilling at the Gonneville Intrusive and completing drilling along the Julimar Complex and the West Yilgarn Province
  • Chalice ends the day 5.7 per cent in the red with shares trading at $6.29

ASX 200 minerals explorer Chalice Mining (CHN) has received firm commitments to raise roughly $100 million.

The funds will be raised through the issue of approximately 16.7 million new fully-paid ordinary shares to institutional and sophisticated investors at $6 each.

This price represents a 10 per cent discount to Chalice’s closing price of $6.67 on May 23.

Chalice will use the money to fund ongoing exploration and pre-development activities at its Julimar nickel-copper-platinum group element (PGE) project in Western Australia.

In particular, the money will go towards step-out and resource drilling at the Gonneville Intrusive, completing the Gonneville scoping study and completing drilling along the Julimar Complex and the West Yilgarn Province.

Upon completion of the placement, Chalice is expected to have cash on hand of around $141 million.

The placement is expected to settle on May 27 with shares to be issued on May 30.

Chalice has ended the day 5.7 per cent in the red with shares trading at $6.29.

CHN by the numbers
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