Bryah builds war chest to fund ‘aggressive’ copper-gold, manganese exploration
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A $3.95m placement, plus another $3m of standby equity capital means Bryah is well resourced for some exciting upcoming exploration programs.
Bryah Resources (ASX:BYH) has successfully completed the placement of shares and options to raise a total of $3.95 million, which was strongly supported by new investors and existing shareholders.
Bryah also entered into an At-the-Market Subscription Agreement (ATM) with Acuity Capital.
The ATM provides Bryah with up to $3m of standby equity capital over the coming 24-month period.
Importantly, Bryah retains full control of all aspects of the subscription process including having sole discretion as to whether to utilise the ATM, the maximum number of shares to be issued, the minimum issue price of shares and the timing of each subscription (if any).
There are no requirements on Bryah to utilise the ATM and Bryah may terminate the ATM at any time, without cost or penalty.
“We have now been able to provide the Company with sufficient funds via the $3.95 million placement to undertake an aggressive exploration program focused on copper and gold over the coming months,” managing director Neil Marston says.
“The addition of the ATM facility provides Bryah with another option to quickly raise additional funds, with potentially less dilution, for activities such as contributing to the Bryah Basin Manganese Joint Venture once our JV partner, OM (Manganese) Limited reaches their 51% JV interest in this exciting development opportunity.”
The company’s last quarter saw the start of a major drilling campaign at the ‘Windalah’ prospect in the Bryah Basin, testing a large coincident geochemical and geophysical anomaly, “indicative of a Volcanogenic Massive Sulphide copper-gold deposit at depth”.
A diamond drilling program is scheduled to commence shortly, the company says.
Meanwhile, manganese joint venture activities continue to progress with partner, OM (Manganese) Limited electing to fund further exploration activities to earn a 51% JV interest in the next quarter.
A large geophysical survey in the ‘Brumby Creek’ area completed during the quarter generated several targets which may host manganese mineralisation under shallow cover.
Drilling to test some of these areas is due to be completed in the September quarter.
At Gabanintha, sampling of historical drilling samples for gold has continued to produce positive results at very low cost to the company.
Bryah now has several untested fault zones to evaluate with additional sampling and shallow drilling, starting at the ‘New Hope’ gold prospect.
This article was developed in collaboration with Bryah, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.