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- Shree Minerals (SHH) receives firm commitments from professional and sophisticated investors to raise nearly $3 million
- A total of 159 million shares will now be issued to participants at 1.6 cents and subject to shareholder approval, company directors will subscribe for an additional $410,000
- Shree will use the money to fund exploration across its highly prospective lithium and gold prospects at the Dundas Project in WA and the Lachlan Fold Belt Project in NSW
- Earlier in the month, a reverse circulation and diamond drilling program began at Lachlan Fold Belt to test extensions to sulphide mineralisation intersected in historical drilling
- Shree shares dropped 5.26 per cent on the market with shares trading at 1.8 cents
Shree Minerals (SHH) has received firm commitments from professional and sophisticated investors to raise $2.95 million.
A total of 159 million shares will now be issued to participants at 1.6 cents, representing a 12.8 per cent discount to the 20-day volume-weighted average price of 1.83 cents.
Subject to shareholder approval, Shree directors will subscribe for 25,625,000 shares for $410,000.
Shareholder approval will be sought after at Shree’s general meeting scheduled for May with a more concrete date to be advised shortly.
Shree will use the money to fund its exploration initiatives across its highly prospective lithium and gold prospects at the Dundas Project in WA and the Lachlan Fold Belt Project in NSW.
Earlier in the month, Shree began reverse circulation and diamond drilling at the Rock Lodge prospect within the Lachlan Fold Belt Project to test down-dip extensions to sulphide mineralisation intersected in historical drilling.
Shree said it will test past the historical holes which in 1985 intersected up to 4.28 grams per tonne (g/t) gold, 35g/t silver, 0.79 per cent copper and 13.5 per cent zinc.
Shree shares dropped 5.26 per cent on the market with shares trading at 1.8 cents at 10:56 am AEDT.
