Belararox raises $2.5 million to fund parallel Argentinian and Aussie exploration plans
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Belararox has raised $2.5 million via a placement at $0.33 per share, to fund a range of exploration activities at its Australian projects while simultaneously accelerating exploration at the highly prospective TMT project in Argentina.
The placement price represents a 16.5% discount to both the last traded price of Belararox (ASX:BRX) shares on 14 June 2023 and the 15-day volume weighted average price.
In addition, 3.79 million free attaching options to subscribe for fully paid ordinary shares will be issued to investors on a one-for-two basis with an exercise price of $0.66 (being a 100% premium to the placement price) and an expiry date that is three years from their date of issue.
The company plans to commence exploration work at 11 significant porphyry and associated targets at the TMT Project in Argentina as well as pursuing the significant outcropping pegmatites reported at Bullabulling (WA) and progressing exploration work at Belara (NSW).
The company says the capital raising was strongly supported by new and existing sophisticated and professional investors.
“The overwhelming support received by existing and new shareholders is most encouraging as we commence exploration activities at the exciting TMT project in Argentina and progress the good work achieved at our Bullabulling and Belara / Native Bee projects in Australia,” BRX non-executive chairman Neil Warburton said.
“The company has a pipeline of activities planned for the 2nd half of 2023 on our three Projects which are now funded.
“We expect a continuous release of news flow as we build on the successful exploration results achieved to date.”
PAC Partners Securities is lead manager and bookrunner to the placement.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.