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- Parkway Minerals (PWN) has successfully undertaken a placement to sophisticated and professional investors and raised just over $1.6 million
- The funds will be raised through the issue of more than 178 million fully-paid shares at 0.9 cents
- In addition, Parkway recently used its existing controlled placement agreement (CPA) with Acuity Capital to raise an extra $36,000
- The company has now raised a total of $1.64 million, which it will primarily use to support its strategic growth initiatives
- The money will go towards expanding in-house technical and commercial capabilities, along with accelerating the commercialisation of Parkway’s portfolio
- Parkway is down 7.69 per cent on the market with shares trading for 1.2 cents each
Parkway Minerals (PWN) has successfully undertaken a placement to sophisticated and professional investors and raised $1,604,280.
To raise the funds, 178,253,330 new fully-paid shares will be issued at 0.9 cents, with shares expected to be allocated on October 23.
In addition, Parkway also recently used the existing controlled placement agreement (CPA) with Acuity Capital to raise an extra $36,000.
As a result, the CPA has been terminated.
Parkway has now raised $1.64 million from both the placement and CPA, which it will primarily use for its strategic growth initiatives.
The company will expand its in-house technical and commercial capabilities, accelerate commercialisation of its portfolio, and potential acquisitions.
Parkway will also use the funds to provide near-term funding to execute its business plan.
“Our recent progress, particularly in advancing our technology portfolio, is beginning to capture the attention of industry, as well as a range of other stakeholders including investors,” Managing Director Bahay Ozcakmak commented.
“It is important we remain sufficiently capitalised, to ensure we are able to engage in meaningful discussions, with prospective partners, clients and other stakeholders, form a position of strength,” he said.
“Despite having the opportunity to complete a more substantial capital raising, we have exercised reasonable restraint, to ensure we strike the right balance between being able to fund our ongoing growth, whilst minimising dilution,” he added.
Parkway is down 7.69 per cent with shares trading for 1.2 cents each at 11:09 am AEDT.
