Share Purchase Plan Oversubscribed
Applications in excess of $1.18M were received and subject to cleared funds the Directors will scale-back applications. As a result of the proposed scale-back, SPP subscribers will receive approximately 84.38% of the number of SPP Shares applied for.
Up to 45,454,545 fully paid ordinary shares were offered under the SPP at an issue price of $0.022 each to raise $1,000,000 before costs (SPP Shares). Subscribers to the SPP were also offered one free attaching option, exercisable at $0.035 each on or before 31 December 2020, for every one SPP Share subscribed for under the SPP (SPP Options), as approved by Shareholders at the Company's Annual General Meeting held on 30 November 2017. The Company's intention is for the SPP Options to be listed on the Australian Securities Exchange (ASX) subject to meeting ASX listing requirements. The SPP Options were offered under a prospectus issued on 9 November 2017.
Allotment of the SPP Shares and SPP Options is scheduled for Thursday 7 December 2017 and refunds will be provided to SPP subscribers by cheque and mailed to their registered address as soon as practicable.
The proceeds from the SPP will be used to advance the Company's exploration projects, primarily to explore for resources extensions of the Paris silver deposit and satellite silver targets with IP geophysics and drilling. Drilling is scheduled to commence this week.
The Board of Directors wishes to thank all Shareholders for their ongoing support.
About Investigator Resources Ltd
The Company's priority is progressing the development pathway for the Paris silver project with the preparation of a pre-feasibility study. The Paris Mineral Resource Estimate is 9.3Mt @ 139g/t silver and 0.6% lead, comprising 42Moz of contained silver and 55kt of contained lead, at a 50g/t silver cut-off. The resource has been categorised with an Indicated Resource estimate of 4.3Mt @ 163g/t silver and 0.6% lead for 23Moz contained silver and 26kt contained lead, and an Inferred Resource: 5.0Mt @ 119g/t silver and 0.6% lead for 19Moz contained silver and 29kt contained lead.
The Company has applied an innovative strategy that has developed multiple ideas and targets giving Investigator first-mover status. These include: the Paris silver discovery; recognition of other epithermal fields and the associated potential for porphyry copper-gold of Olympic Dam age; extending the ideas developed at Paris-Nankivel and using breakthrough government Magneto-Telluric surveying to rejuvenate targeting with the Maslins IOCG target as the next priority drill target.
Investigator Resources Ltd