Impact to raise $6m to explore fabulous WA new metals portfolio, across copper, nickel, lithium, REEs and PGMs
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Impact Minerals has launched a renounceable rights issue to invite all of its existing shareholders to participate in at least the next two years of exploration across the company’s WA projects, which are prospective for nickel, copper, PGM’s, lithium and rare earth elements (REE).
Impact Minerals (ASX:IPT) is looking to raise up to $6m at an attractively priced $0.011 per share with half of the ofer already underwritten.
For every two new shares subscribed, eligible shareholders will also receive one free option with an exercise price of $0.02 and a term of two years.
All company directors will take up their full entitlement, IPT says.
Funds will be used mostly to complete early-stage exploration programs across Impact’s newly assembled strategic and battery metals project portfolio in WA.
The past 18 months has seen a significant change in Impact’s focus towards WA, says chairman Peter Unsworth.
“This has been driven by Impact’s technical team who have rapidly assembled a large and significant portfolio of very prospective early-stage projects in the emerging mineral province of southwest Western Australia following the discovery of the world class Julimar platinum group metal (PGM)-nickel-copper discovery close to Perth (Chalice Mining),” he says.
Most recently, IPT acquired the ‘Dinninup’ project, which has only been explored for bauxite.
The company says several high-priority nickel-copper-PGE, lithium, and rare earths targets have been identified at Dinninup in a first-pass soil testing.
Earlier last week, the company identified spodumene and yttrium-bearing apatite in pegmatite veins at its ‘Kalahari’ prospect, part of the ‘Hopetoun’ project in WA.
It’s the first-time lithium has been found at the project, which covers an interpreted extension of the Ravensthorpe greenstone belt – host to mines such as Allkem’s (ASX:AKE) Mt Cattlin lithium project.
These new projects are very poorly explored and yet, based on our early assessment and initial results, have significant potential for a major discovery.
“The company is very excited about the potential of these projects and accordingly wishes to invite all current shareholders via this rights issue to participate in what we hope will be a very exciting time over the next 12 to 24 months,” Unsworth says.
“I am also pleased to announce that your directors will be taking up their full entitlements in the issue and we look forward to sharing the journey together.”
This article was developed in collaboration with Impact Minerals, 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.