Capital Raising Concluded
Perth, May 11, 2020 AEST (ABN Newswire) - WA-focused gold exploration and development company Classic Minerals Limited (
ASX:CLZ) is pleased to announce that it has successfully completed a Placement ("Placement") to raise $806,000.00 before costs. The raising received significant demand from new domestic and international shareholders and was managed by a leading Perth-based firm.
Details:
- $806,000.00 raised via a Placement to institutional and sophisticated investors located in Australia and overseas at $0.001 per share;
The Placement was heavily oversubscribed with strong demand from both existing and new investors;
The Placement attracted an Option offer:
o 1 Option for every 2 shares issued
- Options have been purchased at $ 0.0001;
- Exercisable at $ 0.002 on or before 01 March 2022;
- These Options are Unlisted;
- Options will be issued subject to Shareholder Approval.
- Funds will be used to progress upcoming drilling program at the Kat Gap and Forrestania Gold Projects, and
- Settlement and issue of shares is expected to be completed on 11 May 2020.
About Classic Minerals Limited
Classic Minerals Limited (ASX:CLZ) is an exploration and development company focused on gold deposits in Western Australia's famous Goldfields region. In March 2017, Classic acquired the Forrestania Gold Project, with seven tenements stretching across 450km2. Strategically located in a very prospective region, the FGP is an underexplored package surrounded by multimillion ounce deposits such as Bounty (2Moz) and Yilgarn Star (1.5Moz).
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