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- Podium Minerals (POD) has completed its share purchase plan, raising more than double the planned amount
- The company originally planned to raise $500,000 under the plan but ended up receiving applications totalling $1.04 million
- Despite this oversubscription, Directors have decided to accept all applications and as a result of this 65 million shares will be issued by July 3
- This money will be used to advance the growth strategy at the company’s Parks Reef PGM Project in Western Australia
- Podium Minerals has ended the day 21.1 per cent in the green with shares trading for 2.3 cents each
Podium Minerals (POD) has completed its share purchase plan, raising more than double the planned amount.
The company originally planned to raise $500,000 under the plan but ended up receiving applications totalling $1.04 million.
Despite this oversubscription, Directors have decided to accept all applications and as a result of this 65 million shares will be issued by July 3.
Of this $1.04 million Directors and senior management have subscribed for $110,000 worth of shares.
“We are very pleased with the exceptional response to the share placement plan by shareholders which gives use the funds needed to advance our work programmes and strengthen the position of the company,” Executive Chairman Clayton Dodd said.
“The Board extends its appreciation to all shareholders for their continued support,” he added.
Podium Minerals now has $1.54 million, with $500,000 coming from a recently completed placement, and will use the money to advance the growth strategy at its Parks Reef PGM Project in Western Australia.
Previous work has outlined an inferred mineral resource of 1.14 million ounces of combined platinum, palladium, and gold, and 37,000 tonnes of copper.
The next drilling program, which is expected to begin in July, will aim to grow the resource base for the project.
Podium Minerals has ended the day 21.1 per cent in the green with shares trading for 2.3 cents each in a $3.675 million market cap.
