James Bay Minerals Limited (ASX:JBY) Successfully Raises A$6M
Placement Highlights
James Bay Minerals Limited (ASX: JBY) has successfully raised A$6 million through a strong placement, attracting commitments from institutional and sophisticated investors both locally and internationally. The issue price of A$0.65 per share represents an 11.39% discount to the 10-day volume weighted average price (VWAP) of A$0.734 and a 24.42% discount to the last closing price of A$0.86.
Funding for Exploration
The funds raised will enable James Bay Minerals to accelerate exploration and development activities at the Independence Gold Project located in Battle Mountain, Nevada. This includes exploration drilling, infill drilling, and fieldwork related to their existing lithium assets. Andrew Dornan, Executive Director, expressed enthusiasm regarding the placement, stating, “We are thrilled with the overwhelming interest and support we’ve received, which underscores the strong confidence the market has in our strategy and the potential of the Independence Gold Project.”
Use of Funds
Net proceeds from this placement will support rapid exploration at the Independence Gold Project. Key uses include expansion drilling, fieldwork, and general working capital needs. The company is now positioned to unlock significant value for its shareholders as it moves forward with one of North America’s promising gold projects.
Indicative Timetable for Placement
The placement process will include a trading halt that will be lifted on December 6, 2024, with settlement of shares scheduled for December 12, 2024. Application for quotation of the shares is set for December 13, 2024.
Motley Fool contributor Abbie Stokes 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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