Impact Minerals Raises 1.07 Million to Drill at Commonwealth

THE BOURSE WHISPERER: Impact Minerals (ASX: IPT) has received applications for $1,073,970 through a Share Purchase Plan (SPP) to existing Shareholders and the offer of the shortfall to the SPP.

“We are very pleased with the outcome of the SPP given the difficult market conditions of the past few months and we thank all of our shareholders who participated for their support,” Impact Minerals managing director Dr Mike Jones said in the company’s announcement to the Australian Securities Exchange.

“We can now move on with the drill program at our Commonwealth project where we have identified a significant number of targets to test for further high-grade gold and silver mineralisation.”

Impact Minerals indicated the funds raised by the SPP and Shortfall Offer will be used to fund a drill program of up to 3,000 metres of reverse circulation and diamond drilling to test targets on the Silica Hill prospect at the company’s 100 per cent-owned Commonwealth gold-silver-base metal project, for follow up work at the high grade Broken Hill copper-nickel-PGM project and for general working capital.