Lykos Metals (ASX:LYK) Confirms A$0.4M Share Placement
Placement Details
Lykos Metals Limited (ASX:LYK) has received firm commitments to raise A$399,811 (before costs) through the placement of 44,423,480 fully paid ordinary shares at A$0.009 per share, reflecting an 18.2% discount to the last closing price. The placement includes one free attaching unlisted option for every two shares issued, exercisable at A$0.02 each and subject to shareholder approval.
Use of Funds
The raised funds will be allocated towards the exploration and development of existing projects, evaluation of new opportunities, and working capital. The company aims to minimize shareholder dilution while assessing new project ventures.
Investor Support
The placement was strongly supported by new and existing sophisticated investors. CPS Capital Group Pty Ltd acted as Lead Manager, receiving a 2% cash management fee and a 6% placement fee in shares, along with 20 million unlisted options subject to shareholder approval.
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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