Alicanto to raise funds for Sweden project
Junior explorer Alicanto Minerals will raise A$3.15-million to fund exploration at its Falun copper/gold project, in Sweden.
The company on Thursday announced that it would place 90-million shares at a price of 3.5c each under its existing capacity, with the offer price representing a discount of 20.5% to Alicanto’s last closing price on April 3.
Alicanto told shareholders that the funds raised would be used to explore the major mineralised system at Falun, with over 10 km of mineralised horizon with multiple high priority targets already identified.
“We have made some excellent progress at Falun on the back of very limited investigations to date. The work we have done is supportive of our concept that the historical Falun mine is only a small part of a major mineralised belt stretching over at least 10 km,” said Alicanto MD Rob Sennitt.
“The proceeds of the raising will enable us to refine and grow our high-priority targets ahead of a major drilling programme to test this view. We are confident that this systematic and comprehensive approach will maximise our ability to unlock the true value of this highly prospective corridor around what was historically a world class copper/gold mine.”
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