(MENAFN- ABN Newswire) Adelaide, Oct 19, 2017 AEST (ABN Newswire) - The Board of Investigator Resources Limited () (Investigator or the Company) is pleased to announce the completion of a $2.4 million placement that was well oversubscribed, with Investigator welcoming new sophisticated and professional investors to the register.
- Placement to raise $2.4 million was well oversubscribed, with Investigator welcoming new investors to the register
- An offer to Eligible Shareholders via a SPP to raise up to $1.0 million by the issue of Shares on an equivalent basis to those under the Placement
- Funds raised to be used towards exploration of fertile targets in and surrounding the Paris deposit, with the target of becoming a high grade silver producer
In conjunction with the Placement, the Company is providing an opportunity for Eligible Shareholders to participate in raising up to a further $1.0 million via a Share Purchase Plan (SPP) on equivalent terms to the Placement. The SPP Offer will be made pursuant to a Prospectus.
The Company has received binding applications for the Placement of 109,090,910 fully paid ordinary shares at $0.022 each, with one free attaching listed option (Placement Options), exercisable at $0.035 expiring 31 December 2020. The issue of these options are subject to shareholder approval and are conditional upon placement participants holding their placement options up to and including the date of the shareholder meeting scheduled for 30 November 2017. The Placement Options will be offered under a Prospectus.
New shares issued under the Placement will rank equally with existing shares on issue and are expected to settle on 24 October 2017 with trading commencing on or prior to 25 October 2017.
Assuming maximum subscription under the SPP, the funds raised under the Placement and the SPP will be allocated primarily to explore for resources extensions of the Paris silver deposit and satellite silver targets with IP geophysics and drilling, in order to expand Paris silver resource to de-risk the feasibility process.
Investigator's Managing Director, John Anderson said: "This Placement and SPP will enhance the Company's ability to maintain the momentum at our high grade open-pit silver project at Paris, and the satellite silver targets and copper gold targets at Nankivel nearby. The Board and I feel that we are now at a transformational stage in the development of this company and we look forward to updating our shareholders over the coming quarter."
PAC Partners Pty Ltd acted as Lead Manager to the Capital Raising
About Investigator Resources Ltd
() is a metals explorer with a focus on the opportunities for greenfields silver-lead, copper-gold and nickel discoveries offered by the emerging minerals frontier of the southern Gawler Craton on South Australia's northern Eyre Peninsula.
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