THE BOURSE WHISPERER: Impact Minerals (ASX: IPT) completed a Placement of $2 million of the shortfall from the company’s recent Share Purchase Plan.
Impact Minerals revealed the placement followed on the heels of recent results returned from an ongoing drill program underway at the company’s 100 per cent-owned Commonwealth project, located north of Orange in New South Wales.
The company said the funds would be primarily used for the ongoing drill program and resource work at the Commonwealth gold-silver project.
“We are very pleased to have had strong and mostly unsolicited demand for this shortfall because we are now well funded to continue the major drill program at our emerging high-grade gold-silver discovery at Silica Hill,” Impact Minerals managing director Dr Mike Jones said in the company’s announcement to the Australian Securities Exchange.
Impact Minerals said it had received firm commitments from sophisticated and professional investors to raise the $2 million through the placement of approximately 111 million shares and 166 million free attaching quoted options.
The shares and options issued under the placement will be issued on the same terms and conditions as those under the Share Purchase Plan, being 1.8 cents for each share, with three free attaching quoted options exercisable at 4 cents on or before 15 June 2020 for every two new shares subscribed for.