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- Dreadnought Resources (DRE) has raised $110,000 through an early exercise of options by its Chairman Paul Chapman and Managing Director Dean Tuck
- DRE issued 12 million ordinary fully paid shares following the exercise of options priced at 1 cent and 0.5 cents each
- It follows the company’s announcement of an option agreement with First Quantum Minerals over base metal rights at the Mangaroon Project in WA
- The raise brings the total amount invested in the company by its directors and management to over $1.3 million
- Meanwhile, DRE has also extended its convertible note maturity date by 12 months to July 1 next year with drilling planned this year across the Mangaroon, Kimberly and Illaara projects
- Dreadnought shares are trading flat at 2 cents each
Dreadnought Resources (DRE) has raised $110,000 through the early exercise of options by company Chairman Paul Chapman and Managing Director Dean Tuck.
DRE issued 12 million ordinary fully paid shares following the exercise of options, which were priced at 1 cent and 0.5 cents per option.
It comes after the company’s announcement earlier this month of an option agreement with First Quantum Minerals over base metal rights at the Mangaroon Project in WA.
The raise brings the total amount invested in the company by the directors and management to over $1.3 million.
Meanwhile, DRE’s convertible note holders have agreed to a 12-month extension to the convertible note maturity date to July 1 next year.
According to Dreadnought, the option deal with First Quantum encouraged convertible note holders significantly, ahead of drilling planned across the Mangaroon, Kimberly and Illaara projects this year.
Dreadnought Chairman Paul Chapman said identifying a partner for Mangaroon validates the company’s project generation work as well as its potential to host high-tenor massive sulphides.
“The predecessor company to Dreadnought became involved in what is now the Tarraji-Yampi project in 2014,” Paul said.
“Since then, we have steadily acquired, accessed, dealt, and progressed this project to become the second largest landholder in the West Kimberley,” he continued.
“We are now on the cusp of drilling 17 drill holes into 12 high-quality copper, nickel, and gold targets over the coming field season — this is an exciting moment for the Dreadnought team and our shareholders.”
Dreadnought shares are in the grey on Thursday, last trading at 2 cents at 2:39 pm AEST.
