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  • Enegex (ENX) is looking to secure around $1.2 million to support exploration across its South West Terrane assets
  • The company has secured $440,000 from the placement of 20 million fully paid ordinary shares at 2.2 cents
  • Investors will also receive one unlisted option for every two new shares subscribed for, exercisable for three cents and expiring in two years
  • Enegex also intends to raise a further $760,000 in the coming weeks via a shareholder entitlement offer on the same terms
  • The capital will be used for exploration activities across the South West Terrane which comprises of 20 tenement applications
  • Shares have soared 159 per cent today and have been trading at 8.3 cents

Enegex (ENX) is looking to secure around $1.2 million to support exploration across the company’s Western Australian assets.

The company has secured $440,000 from the placement of 20 million fully paid ordinary shares at 2.2 cents to a group of sophisticated and professional investors.

Enegex said it was approached by the group of investors, and that the investment offer has been accepted and settled through Fresh Equities.

The investors will also receive one unlisted option for every two new shares subscribed for, exercisable for three cents and expiring on August 31, 2022.

In addition to the $440,000 placement, Enegex intends to raise a further $760,000 in the coming weeks via a pro-rata shareholder entitlement offer on the same terms as the placement.

Enegex Chairman Geoff Albers said the funds will be used for exploration programs across its South West Terrane.

“It will be an exciting period ahead for Enegex as we initiate our planned programs to unlock the geology of our tenements in the South West Terrane. Enegex welcomes new shareholders and thanks new and existing shareholders for their support. We look forward to delivering on our exploration programs.”

The South West Terrane comprises of four project areas, made up of 20 tenement applications over 3,550 square kilometres. These contain a multitude of commodities including gold, nickel, copper, platinum group elements, lithium, tin, tantalum, bauxite and coal.

Shares were trading 159 per cent higher at 8.3 cents at 1:17 pm AEST.

ENX by the numbers
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