Scorpion Minerals (ASX:SCN) - Executive Chairman, Bronwyn Barnes
Executive Chairman, Bronwyn Barnes
Source: Bronwyn Barnes/LinkedIn
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Scorpion Minerals (SCN) raises more than $3.17 million via a heavily oversubscribed placement to existing shareholders and new sophisticated investors
  • The funds were raised through the issue of more than 62.3 million shares at a price of 5.1 cents, a 23 per cent discount to Scorpion’s closing price of 6.7 cents on April 8
  • Scorpion will use the money to support a drilling and geophysics program across its Pharos Project in the Murchison Mineral Field of Western Australia
  • Additionally, Bronwyn Barnes has agreed to transition from Non-Executive Chairman to Executive Chairman with immediate effect to lead Scorpion’s corporate activities
  • Scorpion ends the day 23.9 per cent in the green with shares trading at 8.3 cents

Scorpion Minerals (SCN) has raised more than $3.17 million via a heavily oversubscribed placement to existing shareholders and new sophisticated investors.

The funds were raised through the issue of 62,325,000 shares at a price of 5.1 cents each, a 23 per cent discount to Scorpion’s closing price of 6.7 cents on April 8.

Scorpion will use the money to support a drilling and geophysics program across its Pharos Project in the Murchison Mineral Field of Western Australia.

A recent technical review of the project highlighted strong lithium potential with a 50-kilometre zone of pegmatite intrusion.

Scorpion has reached an agreement with independent technical consulting group Obsidian Metals Group to provide it with technical services and industry-leading lithium expert Michael Fotios as lead consultant.

Mr Fotios has extensive experience in the lithium sector and was previously founder and Managing Director of Galaxy Resources and General Mining Corporation.

“Scorpion is now well capitalised to accelerate our exploration plans across
several promising lithium and base metals targets at Pharos,” Chairman Bronwyn Barnes commented.

Additionally, Ms Barnes has agreed to transition from Non-Executive Chairman to Executive Chairman with immediate effect to lead Scorpion’s corporate activities.

Scorpion has ended the day 23.9 per cent in the green with shares trading at 8.3 cents.

SCN by the numbers
More From The Market Herald
BHP Group (ASX:BHP) - CEO, Mike Henry

" BHP (ASX:BHP) declares record dividend as China’s demand for iron ore continues

Mining behemoth BHP (ASX:BHP) has declared its biggest-ever dividend as strong iron ore demand from China…
Step One (ASX:STP)- Founder & CEO, Greg Taylor

" Step One Clothing (ASX:STP) shares plummet on slashed revenue and earnings guidance

Shares in Step One Clothing (ASX:STP) have nosedived after the company slashed revenue growth and earnings…
BHP Group (ASX:BHP) - CEO, Mike Henry

" BHP (ASX:BHP) to pay record interim dividend after strong half yearly results

BHP (ASX:BHP) will pay a record interim dividend of US$1.50 (A$2.10) after reporting a strong financial…
Kingfisher Mining (ASX:KFM) - CEO & Executive Director, James Farrell

" Kingfisher Mining (ASX:KFM) completes drilling in WA

Kingfisher Mining (ASX:KFM) has completed drilling at two of its projects in the Gascoyne Mineral Field…