THE BOURSE WHISPERER: Pioneer Resources (ASX: PIO) announced the completion of a $1.3 million share placement to institutional and sophisticated investors.
Pioneer Resources said the placement received commitments from institutional and sophisticated investors for approximately 92.8 million shares at an issue price of 1.4 cents per share.
The company said the raising resulted in multiple new institutional resource funds signing on to its share register.
Pioneer indicated it would be offering eligible shareholders the opportunity to acquire shares at the same issue price as the placement under a Share Purchase Plan (SPP).
“We are delighted with the response from investors to the company’s recent share placement, which we see as strong validation for development of the Sinclair Caesium Zone and our ongoing targeted exploration programs,” Pioneer Resources managing director David Crook said in the company’s announcement to the Australian Securities Exchange.
“In particular, we are very pleased to welcome multiple new institutional resource funds to our register.
“We are now pleased to offer the SPP to existing eligible shareholders on the same terms as the placement, providing the opportunity to increase shareholdings in the company as it enters a very exciting and active development and exploration phase.”