(MENAFN- ProactiveInvestors)
() is raising up to $1.6 million to fund exploration drilling of nickel-copper targets in the Fraser Range Western Australia.
This will be achieved through a placement of up to 129 million shares priced at $0.005 each to sophisticated and professional investors to raise $645000 and a $1 million share purchase plan.
Participants in the placement will receive one option exercisable at $0.025 on or before 20 February 2017 for every two shares subscribed.
Drilling of the company’s Fraser Range South Project is scheduled to commence in June 2015.
This comprises 12 reverse circulation holes totalling 1500 metres of drilling targeting two high-priority EM conductors identified from ground EM survey.
The two conductors represent compelling drill targets based on the geological setting the elevated geochemistry outcropping gabbro and the shallow nature of the targets.
In addition the targets are located within 2 kilometres of known nickel mineralisation at ’ () Crux prospect.
Proactive Investors Australia is the market leader in producing news articles and research reports on ASX emerging companies with distribution in Australia UK North America and Hong Kong / China.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.