Perpetual Resources Ltd (ASX:PEC) Raises $1 Million for Brazilian Projects
Capital Raising Overview
Perpetual Resources Ltd (ASX: PEC) secured $1 million through a placement to institutional, professional, and sophisticated investors. The placement involved the issuance of 71,428,571 fully paid ordinary shares at an issue price of $0.014 each. This strong demand reflects investor confidence in the company’s strategy.
Future Exploration Plans
Funds from the raising will facilitate the advancement of Perpetual’s Brazilian exploration projects, particularly the Isabella Lithium Project. Recent results showed significant high-grade lithium rock chip assays greater than 5.4% Li2O. The company expects to drill the Isabella Project in the first half of 2025, pending final assay results in December and ongoing metallurgical test work at the Raptor REE Project.
Executive Comments
Executive Chairman Julian Babarczy expressed his satisfaction with the funding achieved. “These funds provide us with the resources to advance our highly prospective exploration portfolio in Brazil,” he remarked. Babarczy added that the encouraging exploration results highlight an exciting period for Perpetual as it strengthens its position in the critical minerals sector. The company remains committed to generating shareholder value through disciplined exploration and development activities.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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