Major Shareholder Increases Stake
- Major shareholder to take Placement of $862,500 to increase stake in Impact to 12%
- Funds to be primarily used for new Pilbara Conglomerate Gold Project and the ongoing drill programme and resource work at the Commonwealth gold-silver-base metals project in New South Wales
- Placement to be approved by shareholders at a General Meeting
- Drilling commenced at Silica Hill
Funds raised from the Placement will be used to fund preliminary low impact ground work at Impact's new 100% owned Pilbara Gold Project comprising 1,300 km2 of ground prospective for conglomerate-hosted gold, as well as the continuation of the drill programme at the Silica Hill Prospect at the Company's 100% owned Commonwealth gold-silver-base metal project. This drill programme has now commenced.
The Shares will be issued at 2.3 cents per Share with one Free Attaching Option (IPTOA) exercisable at 4 cents on or before 15 June 2020 for every new Share subscribed for. The new Shares will rank equally with existing ordinary shares and the Free Attaching Options will rank equally with the existing class of quoted options. The issue of the Shares and Free Attaching Options will be subject to shareholder approval at a General Meeting to be held on or about 20 December 2017. The General Meeting will also seek shareholder ratification for the issue of the 124,960,556 Shares at 2 cents per share and 124,960,556 Free Attaching Options issued to sophisticated and professional investors as advised to ASX on 7 November 2017.
Impact Minerals' Managing Director, Dr Mike Jones, said "This is a strong sign of support from our German shareholder ABC Beteiligungen AG and these new funds will allow us to continue our exploration programmes with increasing vigour."
About Impact Minerals Limited
Impact Minerals Limited (ASX:IPT) is an exploration company listed on the ASX in November 2006. The Company manages extensive tenement holdings (>2,000 km2) within Australia featuring significant potential for high-grade mineral deposits of gold, silver, lead, zinc, copper, nickel and PGM's. The Directors of the Company have extensive experience in mineral exploration and a strong history of exploration success, business development and corporate management. Impact Minerals intends to build wealth for its shareholders through a vigorous campaign of project generation and evaluation with a view towards profitable mining operations. Impact Minerals intends to build wealth for its shareholders through a vigorous campaign of project generation and evaluation with a view towards profitable mining operations.
Impact Minerals Limited