THE BOURSE WHISPERER: Renascor Resources (ASX: RNU) has received firm commitments to raise $1.4 million to fund the advancement of the company’s Siviour graphite project near the coast of South Australia’s Eyre Peninsula.
Renascor Resources said the placement will be completed by the issue up of just over 125.7 million shares at 1.1 cents per share.
“Following the successful completion of the Siviour Definitive Feasibility Study, Renascor is poised to advance key workstreams for the Siviour graphite project,” Renascor Resources managing director David Christensen said in the company’s announcement to the Australian Securities Exchange.
“Completing the combination of bulk samples for marketing purposes, FEED work, engaging with potential debt financiers, and executing binding offtake agreements will further de-risk the project and draw Siviour closer to commencement of construction during 2020.”
The company also announced a Share Purchase Plan (SPP) for all eligible shareholders to raise up to $0.5 million at the same issue price as the placement.