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Petratherm (ASX:PTR) set to raise $2.16M for South Australian projects
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  • Mineral exploration company Petratherm (PTR) Petratherm (PTR) has received firm commitments to undertake a $2.16 million share placement
  • More than 14.28 million fully-paid ordinary shares will be issued to sophisticated investors at 14 cents – representing a 13.5 per cent discount to the 15-day volume-weighted average price
  • Subject to shareholder approval, company Directors have agreed to subscribe for $50,000 worth of shares
  • Once received, Petratherm will use the money to underpin drilling activities at the Mabel Creek and Comet projects
  • Petratherm remains in the grey and shares have been trading at 16 cents since November 17

Petratherm (PTR) has received firm commitments to undertake a $2.16 million share placement.

The mineral exploration company entered a trading halt late last week but did not provide any information as to how much it would be raising or what it will use the funds for.

All up, 14,285,714 fully-paid ordinary shares will be issued to sophisticated investors at 14 cents each – representing a 13.5 per cent discount to Petratherm's 15-day volume-weighted average price.

Subject to shareholder approval, company directors have agreed to subscribe for $50,000 worth of shares, and the Exploration Manager Peter Reid has also agreed to subscribe for $10,000 worth of shares.

Once received, Petratherm will use the money to underpin drilling activities at the Mabel Creek and Comet projects, and for working capital.

Mabel Creek

The Mable Creek Project lies 50 kilometres northeast of Coober Pedy in South Australia and is considered prospective for iron-oxide systems, copper-gold, magnetite skarn copper, and high-vale rare earth elements.

Geophysical modelling work has demonstrated that previous work may have only clipped the edge of the main part of the gravity anomaly and additional holes have now been planned.

A preferred drilling contractor has been secured and work is set to begin in Q1 2021.

Comet

The Comet Project lies within the northern Gawler Craton of South Australia, which hosts numerous significant gold occurrences such as Comet Gold Prospect and Challenger gold deposit.

Previous reverse circulation (RC) drilling at the Comet Prospect identified a continuous zone of gold intersections which remains open along strike and at depth.

Petratherm is preparing to undertake a Native Title Heritage Survey which will be followed-up with ground drilling and regional exploration work which is planned to begin in Q2 2021.

Petratherm remains in the grey and shares have been trading at 16 cents since November 17. The company has a $27.36 million market cap.

PTR by the numbers
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