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- Strategic Energy Resources (SER) has received firm commitments to raise an extra $545,500 through a share placement
- Subject to shareholder approval, more than 160 million fully paid shares will be issued at a price of 34 cents each
- Of this, more than 36.7 million shares will be issued to Datt Capital with the remaining to go to sophisticated and professional investors
- SER will use this money for drilling at its Saxby and Billa Kalina projects, as well as general working capital
- SER is steady on the market today and shares are trading for 0.5 cents each just before market close
Strategic Energy Resources (SER) has received firm commitments to raise an extra $545,500 through a share placement.
Subject to shareholder approval, a total of 160,441,177 fully paid ordinary shares will be issued at a price of 34 cents per share.
Of these shares, 36,764,706 will be issued to Datt Capital, while the remaining will go to sophisticated and professional investors.
This additional placement follows one from mid-June when $857,000 was raised through the issue of 252,058,823 shares at a price of 34 cents.
Of these shares 58 per cent, 147,058,823, were issued to Datt Capital.
SER will use the money from this new placement for drilling at its Saxby and Billa Kalina projects, as well as general working capital.
Saxby Gold Project
The Saxby Gold Project is located in Queensland and is considered the most significant gold exploration prospect in the northeast Mt Isa Province region.
Historical programs have returned results such as 17 metres at 6.75g/t gold including nine metres at 11.27g/t gold, and 15 metres at 9.09g/t gold including eight metres at 15.1g/t gold.
The project remains open to the north, south, and west, and there exists a potential to extend the strike by two kilometres.
SER is aiming to target gold mineralisation in basement rocks buried beneath sedimentary cover.
Billa Kalina Copper-Gold Project
Billa Kalina is located 60 kilometers northeast of the Prominent Hill copper-gold mine within the Olympic Copper-Gold Province in South Australia.
This project consists of gravity and magnetic anomalies with historic exploration failing to identify the cause.
Since then no additional drilling has been undertaken.
SER is steady on the market today and shares are trading for 0.5 cents each at 3:59 pm AEST.
