Patriot Resources Limited is pleased to announce the successful completion of an oversubscribed share placement to raise $2.2 million (before costs) for the Company, which saw strong support from existing shareholders, new institutional investors, and high-net-worth individuals.
The Placement was priced at $0.06 per share, and has resulted in the issuance of 36,604,490 new shares, including $300,000 in over-subscriptions (subject to shareholder approval).
Proceeds will be directed toward advancing exploration and drilling activities across Patriot’s copper and gold portfolio in Zambia, which includes the Katwaro Copper-Gold Project and the Sugarloaf Copper Deposit that has been flagged for acquisition.
Placement Highlights:
- $1.896 million raised via issue of 31,604,490 shares under Listing Rules 7.1 and 7.1A.
- Additional $300,000 in over-subscriptions via 5,000,000 shares, subject to shareholder approval.
- 6,000,000 Broker Options to be issued (subject to approval), exercisable at $0.09, expiring two years from issue.
- CPS Capital Group and Foster Stockbroking acted as Joint Managers and Brokers to the Placement.
Funds will be Used for:
- Drilling at the Katwaro Copper-Gold Project
- Exploration at the Sugarloaf Copper Deposit
- Regional exploration, due diligence, and working capital.