PERTH (miningweekly.com) – Base metals developer Superior Lake Resources is hoping to raise A$3.78-million through a share placement to professional and sophisticated investors.
The ASX-listed company on Wednesday said that it had received subscriptions for more than 216.3-million shares, priced at 1.75c each, with the company’s directors subscribing for more than 11.4-million shares.
CEO David Woodall said that proceeds from the placement will be used to further advance the Superior Lake zinc project, in Ontario, including finalising the project finance process, securing the required permits and approvals for project development, as well as advance high-priority geophysical exploration targets.
“Despite what remains a difficult equity market, we are pleased to have received such strong support from both existing and new investors. We believe this support highlights the potential of our Superior Lake project.”
The placement was made under the company’s existing placement capacity and did not require shareholder approval.