Meteoric raises exploration funds
PERTH (miningweekly.com) – Junior Meteoric Resources will raise A$7-million through a share placement to accelerate exploration work at its Novo Astro and Juruena gold projects, in Brazil.
The company has received firm commitments for the placement of 140-million shares, at a price of 5c each, to sophisticated and professional investors.
The shares will be placed in two tranches, with the first 135-million shares to be issued under Meteoric’s existing placement capacity, while the second tranche of five-million shares would be subject to shareholder approval.
“The support we have received from both existing and new shareholders for Meteoric’s Brazilian portfolio of gold assets is a true testament to the sheer prospectivity that exists at both Novo Astro and Juruena,” said MD Andrew Tunks.
“As a board, we are delighted with how our initial exploration of both projects has progressed since acquisition in March of this year and this A$7-million placement, which follows the A$2.7-million in August, puts us in good stead to accelerate exploration at both our key projects.”
New drilling at the projects would focus on expanding the known mineralisation at depth and along strike, while several under-drilled targets and the largely under-explored Arrasto Hills would also undergo investigation.
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