Investing News NetworkAUSTRALIA
Impact Minerals Limited (ASX:IPT) (Company) is pleased to announce that it is undertaking a 1 (one) for 4 (four) renounceable rights issue (Rights Issue) at $0.011 per share to raise up to approximately $6 million (before costs). For every 2 (two) new shares subscribed, eligible shareholders will receive 1 (one) free attaching listed New Option with an exercise price of $0.02 and term of two years. The Company will apply for the quotation of the New Shares and the New Options on the ASX.
- 1 (one) for 4 (four) Renounceable Rights Issue to raise up to $6 million.
- Attractively priced at $0.011 per share.
- Discount of 27% to the last price of $0.015 and 19% to the 30 day VWAP of $0.0136.
- With every two New Shares, shareholders receive one free attaching New Option.
- New Options have an Exercise Price of $0.02, term of two years and will be listed.
- Shareholders who are registered by 7 pm EST on April 29th 2022 with an address in Australia or New Zealand are eligible to apply, with Shares purchased up to April 27th 2022 eligible to participate.
- Shareholders can trade their rights and apply for additional shares and options.
- All Directors will take up their full entitlement.
- Partially underwritten for $3 million.
- Funds to be used mostly to complete early-stage exploration programmes across Impact's newly assembled project portfolio for strategic and battery metals in Western Australia.
The rights issue price represents a discount of:
- 27% to the Company’s last traded price of $0.015 on the ASX; and
- 19% to the Company’s 30 day VWAP of $0.0136.
The Rights Issue is partially underwritten to $3 million by Lead Manager and Underwriter Mahe Capital Pty Ltd (ACN 634 087 684) (AFSL 517246) ("Mahe Capital").
Impact’s Chairman Mr Peter Unsworth said:
“The past 18 months has seen a significant change in Impact’s focus from its projects in New South Wales and Queensland to Western Australia. This has been driven by Impact’s technical team who have rapidly assembled a large and significant portfolio of very prospective early stage projects in the emerging mineral province of south west Western Australia following the discovery of the world class Julimar platinum group metal (PGM)-nickel-copper discovery close to Perth (Chalice Mining NL).”
“These new projects are very poorly explored and yet, based on our early assessment and initial results, have significant potential for the discovery of a wide range of strategic and battery metals that are vital to the on-going move away from fossil fuels as the predominant supplier of global energy demand. In particular these metals include nickel, copper, PGM’s, lithium and rare earth elements (REE) and we are very pleased that the company’s early work has indicated the presence of all of these on its new portfolio” Mr Unsworth said.
“With this rights issue Impact will be funded for two to three years and be able to rapidly embark on an ambitious programme of exploration to generate and test by drilling a significant number of targets that have already been identified as well as help generate what will undoubtedly be a large number of other targets as work progresses across the portfolio”.
“The company is very excited about the potential of these projects and accordingly wishes to invite all current shareholders via this rights issue to participate in what we hope will be a very exciting time over the next 12 to 24 months”.
“I am also pleased to announce that your Directors will be taking up their full entitlements in the issue and we look forward to sharing the journey together”.
Click here for the full ASX Release
This article includes content from Impact Minerals Limited , licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.