PERTH (miningweekly.com) – Junior Saturn Metals will raise A$6-million in a two-tranche share placement to fund work at its Apollo Hill gold project, in Western Australia.
The first tranche of the share placement to existing shareholders and institutional investors will consist of more than 28.53-million shares, priced at 12.5c each, and will be issued under the company’s existing placement capacity.
The second tranche of more than 19.4-million shares will be issued subject to shareholder approval.
The 12.5c-a-share issue price represented a 21.9% discount to Saturn Metals’ last closing price and a 15.7% discount to the company’s ten-day volume weighted average share price.
In addition to the share placement, Saturn Metals will also undertake a share purchase plan (SPP) with the aim of raising up to A$2-million, at the same price as the share placement. The SPP will open on October 23 and close on November 13.
Saturn appreciates the support demonstrated by our major existing and new shareholders for the strategy we are executing as we progress the Apollo Hill project towards development,” said Saturn MD Ian Bamborough.
“This funding will enable the company to take significant steps along that development pathway with the aim of unlocking the full value potential of the project and our exploration tenure.”
Funds raised will be used to progress the prefeasibility study at Apollo Hill, as well as the evaluation of scaled-up processing trials and exploration and resource conversion drilling.