Alicanto raises cash to fund Swedish exploration
PERTH (miningweekly.com) – Base metals explorer Alicanto Minerals will raise A$7-million in a share placement to fund exploration work in Sweden.
Alicanto will place more than 53.8-million shares to sophisticated and professional investors, at a price of 13c each, to raise the funds, with the placement price representing a 10% discount to the company’s last closing price.
The shares would be issued under the company’s existing placement capacity, and would not require shareholder approval.
MD Peter George told shareholders that the proceeds of the capital raise would be used primarily to fund ongoing drilling programmes at the Sala silver/lead/zinc project and the Greater Falun copper/gold project.
“The proceeds of this placement will ensure we can maintain our aggressive drilling programme at Sala, which is aimed at extending the known high-grade mineralisation and testing new targets in the lead-up to completion of a maiden Joint Ore Reserves Committee resource next quarter,” said George.
“We will also continue our exploration efforts at our greenfields project at Greater Falun, where we have intersected high-grade copper and gold and have numerous targets to test.”
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