Petratherm Limited (ASX:PTR) Raises $8.1 Million to Advance Muckanippie Titanium HMS Project
Placement Details
Petratherm Limited has secured $8.1 million through a share placement at an issue price of $0.22 per share. The placement attracted commitments from existing and new investors, including several funds and institutions. Directors and management contributed a total of $272,000, with director participation amounting to $220,000, pending shareholder approval. The funds will support exploration drilling operations, metallurgical test work, and general working capital.
Project Advancement
The company is set to commence drilling within two weeks, focusing on extending and infilling the Rosewood Prospect and testing new titanium targets within the Muckanippie Project. A drilling program of approximately 6,000 metres is scheduled to begin on 16 March, aiming to test mineralisation extensions, characterise grade and thickness through infill drilling, obtain bulk samples for metallurgical testing, and explore new titanium targets.
Executive Comments
Chief Executive Officer Peter Reid stated, “We are extremely pleased with the strong support for the Placement, which places Petratherm in a well-funded position to advance the exciting potentially world class Muckanippie Titanium HMS Project. The Rosewood Prospect at Muckanippie has successfully demonstrated high-grade HM mineralisation over a continuous 15km² area which remains open for expansion in multiple directions. Concurrently, we have also received excellent results from first pass mineralogy and particle sizing, indicating the presence of high value minerals with potential for conventional processing. Phase 2 drilling is commencing this month and will be rapidly pushing forward on all aspects of exploration and mineral and metallurgical analysis to continue advancing the project quickly.”
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