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  • Meteoric Resources has announced it will raise $2.7 million for its Juruena and Novo Astro Projects
  • The company will issue 84.3 million shares to raise $2.7 million at a price of 3.2¢ per share
  • The funds raised will be used to accelerate exploration at Meteroric’s Juruena and Novo Astro Gold Projects in Brazil

Meteoric Resources has announced it will raise $2.7 million for its Juruena and Novo Astro Projects.

The placement will be for a small number of institutional and sophisticated investors.

The company will issue 84.3 million shares to raise $2.7 million at a price of 3.2¢ per share.

The funds raised will be used to accelerate exploration at Meteroric’s Juruena and Novo Astro Gold Projects in Brazil.

The Juruena and Novo Astro Projects include 24 tenements and is located on the western end of the Alta Floresta Belt which is home to 40 known gold deposits.

The belt is believed to be one of the most desirable gold exploration destinations in Brazil.

Meteoric Resources is a development and exploration company with a head office in Perth. It has high prospective gold and cobalt projects in Brazil and Canada.

Managing Director Andrew Tuck is confident in the projects.

“Recent exploration at the Juruena and Novo Astro prospects has increased the Company’s confidence in the discovery potential of Meteoric’s Brazilian assets,” he said.

Over the past few weeks, diamond drilling at Juruena commenced and two rigs are currently onsite drilling double shifts. First pass exploration is underway 30km east of Novo Astro.

“The new capital injection will be used to bring in additional drilling capacity to effectively run two exploration teams working in tandem, one at Juruena and one at Novo Astro to immediately grow an understanding of the geology and gold distribution at these exciting bonanza-grade gold projects, Andrew said.

CPS Capital is the Lead Manager for the placement.

MEI by the numbers
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