FUTURE METALS NL (Alliance News) - Future Metals NL on Friday said it would be issuing non-renouncable entitlements to fund two projects in western Australia.
The Australian-based metal exploration company said the one-for-four entitlement issue would comprise 110.6 million new ordinary shares, at AUD0.03 per new share or GBP1.6 per depositary interest. One free Australian listed option will be attached for every two new shares taken up.
The entitlement issue will be offered to holders of ordinary shares in Future Metals as at the record date of January 2 and who have a registered address in Australia, New Zealand, or the UK.
The gross proceeds of AUD3.3 million will be used for the drilling of the Eileen Bore project, acquired by the company in October. It will also be used to advance a pre-feasibility study on the Panton platinum group metals project in western Australia, which remains Future Metals' principal area of focus.
Managing Director Jardee Kininmonth said: "This fundraising will enable the company to engage in targeted exploration at its Eileen Bore Project through testing extensional targets, infill drilling and completing initial metallurgical test work. Additionally, the funds will allow the company to commence the PFS on its Panton Project, progressing what is one of the most compelling near-term development platinum group metals projects in the western world."
Future Metals shares were up 7.8% at 1.46 pence each in London on Friday morning.
By Hugh Cameron, Alliance News reporter
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