Source: Zinc of Ireland
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Zinc of Ireland (ZMI) completes a $1.6 million placement to fund the Earaheedy Basin project and exploration drilling in Ireland
  • The funds form the first part of a two tranche placement, seeking to raise $2 million
  • Under the first tranche, the company will issue 32 million new shares under its placement capacity
  • A further $400,000 will be placed in the second tranche, subject to shareholder approval
  • Shares are trading 4 per cent higher at 5.2 cents just before market close

Zinc of Ireland (ZMI) has completed a $1.6 million placement to fund the Earaheedy Basin project and exploration drilling in Ireland.

The funds form the first part of a two tranche placement, seeking to raise a total of $2 million.

Under the first tranche, the company will issue 32 million new shares under its placement capacity at 5 cents per share.

A total of eight million shares will be issued under the second tranche, subject to shareholder approval. This will raise an additional $400,000.

“ZMI is fully funded to pursue its planned drilling and other exploration requirements, which will be further strengthened by the successful completion of tranche two of this placement,” Non-Executive Director Thomas Corr said.

“With drilling ongoing in Ireland and accelerated works at our Earaheedy project, Western Australia, the company looks forward to updating shareholders regularly.”

Shares were trading 4 per cent higher today at 5.2 cents just before market close.

ZMI by the numbers
More From The Market Herald
Countplus (ASX:CUP) - Incoming CEO, Hugh Humphrey

" Hugh Humphrey appointed CEO of Countplus (ASX:CUP)

Investment services company CountPlus (ASX:CUP) has appointed Hugh Humphrey as the company's CEO, effective July 1.

" ASX employee tests positive for Covid-19

The ASX says an employee has contracted Covid-19.

" ASIC launches official investigation into ASX market outage

The ASX has confirmed today it is officially under investigation from the Australian Securities and Investments…

" ASX sheds more light on last week’s market tech failure

The Australian Securities Exchange has shed some more light on the nature of last week's market…