Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Drilling contractor Swick Mining is looking to raise $15 million to fund its 2020 growth strategy within Australia and abroad
  • A share purchase plan will look to raise an additional $2 million
  • The company provides diamond drilling and reverse circulation drilling services internationally
  • Swick’s share price is up two per cent today, currently sitting at $0.26 apiece

Drilling contractors Swick Mining is looking to raise $15 million to fund its 2020 growth strategy within Australia and abroad.

“This funding ensures Swick has the financial flexibility to pursue future organic and inorganic growth opportunities for the business,” company Managing Director Kent Swick said.

The company is looking to increase its rig fleet utilisation both nationally and internationally. By the end of the financial year, the company expects to have 70 underground rigs in motion.

This is a jump from the average of 53.6 during the FY19.

Institutional and sophisticated investors are invited to help raise the funds. Shares will be issued at $0.23 each.

An additional $2 million will expected to be raised through a share purchase plan with existing shareholders.

Swick provides underground and surface mineral drilling and mineral analysis services around the globe, this includes diamond drilling and reverse circulation drilling.

Swick’s share price is up two per cent today, currently sitting at $0.26 apiece, as of AEST 2:37 pm.

SWK by the numbers
More From The Market Herald
MRG Metals (ASX:MRQ) - Chairman and Non Executive Director, Andrew Vanderzwan

" MRG Metals (ASX:MRQ) confirms high-grade zones at Koko Massava

MRG Metals (MRQ) has released some assay results from a 34-hole aircore drilling program conducted at the Koko Massava prospect in Mozambique.
Bryah Resources (ASX:BYH) - Managing Director, Neil Marston

" Bryah Resources (ASX:BYH) confirms multiple gold targets at Gabanintha

Bryah Resources (BYH) has released the first results from an aircore drilling program at the Lady Alma Layered Igneous Complex within the Gabanintha
White Rock Minerals (ASX:WRM) - Managing Director, Matt Gill

" White Rock Minerals (ASX:WRM) begins diamond drilling at Morning Star

White Rock Minerals (WRM) has begun a major underground diamond drilling program at the Morning Star gold mine.

" Hawsons Iron (ASX:HIO) updates mineral resource for namesake project

Hawsons Iron (HIO) has reported an increase in indicated and inferred resources for its namesake project in New South Wales following a mineral