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Impact raises cash for NSW exploration

4th July 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed explorer Impact Minerals has raised nearly A$2.6-million in a share placement to sophisticated and institutional investors.

The company reported on Friday that it had issued more than 78.4-million shares, at a price of 3.3c each to raise the capital.

“This is an outstanding result for Impact and its shareholders in this very difficult time for junior exploration companies. We were looking to raise between A$2-million and A$2.5-million, and so to close oversubscribed is a testament to the great results we have got at our New South Wales projects,” said Impact MD Mike Jones.

The capital raised would be used to fund a drill programme at the company’s Commonwealth and Broken Hill projects, in New South Wales, and Jones noted that ground preparation work was already in progress at Commonwealth in order to start drilling as soon as possible.

A reverse circulation and diamond drill programme of around 2 500 m was planned for Commonwealth, and would start in late July. A drill programme at Broken Hill would start after the Commonwealth drilling was completed, and would comprise around 1 500 m of drilling at the Red Hill prospect.

Edited by Creamer Media Reporter

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