Pacifico raises cash for feasibility studies
PERTH (miningweekly.com) – Junior Pacifico Minerals will raise A$4.6-million through a share placement to sophisticated and professional investors to fund drilling and a prefeasibility study (PFS) at the Sorby Hills base metals project, in Western Australia.
The company will place 575-million new shares, at a price of 0.8c a share to raise the funds, with the issue price representing an 11.1% discount to Pacifico’s last closing price on August 28, and a 13.4% discount to its 30-day volume weighted average share price.
“The response from both new professional investors and our major shareholders has been extremely encouraging and I believe this is testament to the strong results the Sorby Hills project is consistently delivering,” said Pacifico MD Simon Noon.
The funds raised will be used on drilling at Sorby Hills, and the completion of a PFS, as well as advancing work for a definitive feasibility study.
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