Resolution raises A$1.7m to advance antimony projects
ASX-listed Resolution Minerals has secured firm commitments for a A$1.7-million placement of fully paid ordinary shares in the company, aimed at advancing its recently announced antimony acquisitions. The funds will also support ongoing working capital needs.
The placement, which has garnered strong support from new and existing sophisticated investors, will see the issuance of about 154.5-million shares at an issue price of $0.011 a share.
In addition to the shares, participants in the placement will receive one option for every two shares purchased. These options will have an exercise price of $0.018 a share and an expiry date of July 31, 2028.
The capital raised through the placement will be directed towards the development of Resolution’s recently acquired antimony assets, as well as to provide working capital to support the company’s broader operations. With antimony prices currently at record highs, the company is well-positioned to capitalise on the growing demand for the metal, which is used in a range of industrial applications, including batteries and flame retardants.
Oakley Capital Partners acted as the lead manager for the placement.
“We are delighted to have received such strong support from new and existing shareholders in current market conditions. This further highlights the company’s current portfolio as well as the newly acquired antimony assets. We look forward to progressing these projects and updating the market accordingly," said MD Aharon Zaetz.
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