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  • Superior Resources (SPQ) receives firm commitments to raise $1.2 million through an oversubscribed placement
  • More than 119 million shares will be issued to sophisticated investors at 1.05 cents, a 14.9 per cent discount to the five day volume weighted average
  • The raise is set to boost drilling at the Greenvale project in North Queensland, following a 5000 metre extension to the Steam Engine Lode program
  • The money will also help fund the current feasibility study for the lode, as well as geophysical surveys there and at the Bottletree prospect
  • SPQ recommenced trade today and shares were trading grey at 1.2 cents at 3:44 pm AEST

Superior Resources (SPQ) resumed trade today following an announcement it has received firm commitments for a $1.2 million oversubscribed placement.

Through the placement, more than 119 million shares will be issued to sophisticated investors at 1.05 cents each, marking a 12.5 per cent discount to the last closing price and a 14.9 per cent discount to the five day volume weighted average.

The company is undertaking the capital raise to boost its drilling plans in Queensland following a recent 5000 metre extension to its program at the Steam Engine Lode within its Greenvale Project in North Queensland.

The proceeds are also set to fund progress of the current feasibility study for Steam Engine as the company continues to push the project towards production.

It’s also planning an additional geophysical survey at the lode and the Bottletree Copper prospect.

A rig is scheduled to mobilise at the Bottletree prospect to undertake a deep diamond drilling program which the company has been highly anticipating.

Additionally, the company plans to use the money towards corporate working capital and costs associated with the placement.

Managing Director, Peter Hwang said the company was pleased with the competitive demand under the capital raise which was heavily oversubscribed in a period of “relatively lacklustre” market conditions.

He said this clearly demonstrated the value potential in the SPQ stock.

“With a 13,000 metre total program, we are executing one of the biggest drilling programs in Queensland and we are determined not to slow down.”

SPQ recommenced trade today and shares were trading in the grey at 1.2 cents at 3:44 pm AEST.

SPQ by the numbers
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