OD6 Metals Limited (ASX:OD6) Raises $1.17 Million Through Share Placement
Financing Details
OD6 Metals has raised A$1.17 million through a strongly supported share placement to professional and sophisticated investors. The placement involves issuing 26,000,000 new shares at 4.5 cents each, representing a 4.3% discount to the last ASX closing price.
Project Advancement
The funds will advance the Gulf Creek Copper Project with Phase 1 drilling and Phase 2 preparations. Recent geophysical modelling identified multiple high priority drill targets, and drilling is set to commence imminently with drill contractor DDH1 appointed.
Executive Comments
Managing Director Brett Hazelden stated, “With the imminent commencement of drilling at Gulf Creek, we have taken the opportunity to top up our cash on hand to help accelerate our planning and approvals for the multiple, high priority drill targets recently identified. We have been cognisant of the current share price and dilution to existing shareholders, and have completed a modest and prudent capital raise to ensure we have enough runway to complete the already approved Phase 1 brownfield drilling program around the old workings, plus enable Phase 2 activities to commence.
The Company acknowledges and thanks the strong support received from new and existing professional and sophisticated investors.”
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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