(MENAFN- ABN Newswire) Corella Resources Ltd (ASX:CR9) is pleased to confirm the allotment and issue of 40,000,000 fully paid ordinary shares (Shares) at $0.03 per Share, to raise $1,200,000 (before costs) to sophisticated and professional investors, comprising existing and new shareholders predominately across east-coast Australia (Placement). The strategic Placement follows the previously announced outstanding aircore assays at the Tampu Project and both Whitecap and Whitehills Prospects on 17 March 2023.
Net proceeds of the Placement will be principally used to accelerate the progress of the Tampu Project towards Scoping and PFS and for the exploration of the Whitecap and Whitehills prospects towards a maiden Mineral Resource Estimate. The Company is well funded to progress its strategy of becoming a global supplier of High Purity Alumina (HPA) feedstock being a critical mineral for the lithium-Ion Battery (LIB) and LED markets.
The Shares were issued under the Company's existing placement capacity under Listing Rule 7.1A (40,000,000). The Placement Shares will rank equally with the existing shares of the Company.
The Company gives notice that:
- it issued the Shares without disclosure to investors under Part 6D.2 of the Corporations Act 2001 ("Act");
- this notice is being given under section 708A(5)(e) of the Act;
- as at today's date, the Company has complied with:
i. the provisions of Chapter 2M of the Act as they apply to the Company; and
ii. section 674 of the Act; and
- as at the date of this notice, there is no excluded information, as that term is defined in Sections 708A(6)(e), 708A(7) and 708A(8) of the Act.
Placement participants will also be entitled to one (1) free attaching Option (exercisable at $0.06, expiring 24 months from issue) for every two (2) Shares subscribed under the Placement (Placement Options).
Peak Asset Management Pty Ltd (Peak) has acted as Lead Manager to the Placement. Peak will receive 6% of total proceeds raised plus 8,000,000 options (exercisable at $0.06, expiring 24 months from issue) (Lead Manager Options) as remuneration for services as lead manager.
The Placement Options and Lead Manager Options will be issued in due course utilising the Company's existing placement capacity under Listing Rule 7.1, and the offer of Placement Options and Lead Manager Options will be made under a prospectus to be lodged with ASIC.
Subject to meeting the requirements for quotation of the Placement Options and Lead Manager Options under the ASX listing rules, the Company will apply for quotation of the Options.
Corella Resources Ltd
Corella Resources is an Australian exploration company listed on the Australian Securities Exchange (ASX:CR9). Corella Resources is focussed on exploration and development of their 100% owned Tampu, Wiltshire and Kalannie kaolin projects along with the 100% owned Bonnie Rock silica project. All 4 projects are located in the mid-west of Western Australia.
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