PERTH (miningweekly.com) – Junior metals explorer Barra Resources will raise A$1-million through a share purchase plan (SPP) to advance its Mount Thirsty cobalt project, in Western Australia, to beyond the recently completed scoping study.
The SPP will allow shareholders to subscribe for up to A$15 000 worth of new shares, priced at 4.5c each, representing a 23% discount to the company’s five day volume weighted average price.
The ASX-listed Barra in October reported that the Mt Thirsty project could produce up to 1 280 t/y of cobalt and up to 1 660 t/y of nickel over a mine life of 21 years.
It was estimated that the project would require capital investment of some A$212-million to develop a 1.5-million-tonne-a-year operation.