Topped up: BPM Minerals exits trading halt with millions more to drive lead-zinc hunt at Earaheedy basin
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BPM Minerals has received $3 million in commitments from domestic institutional and high net-worth investors to fund drilling at the Hawkins Lead-Zinc Project in Western Australia’s Earaheedy Basin.
Proceeds from the placement have bolstered BPM’s (ASX:BPM) balance sheet, with the company ideally placed to open up the hunt on not only Hawkins, but at the Santy and Claw Projects, as well as the headline Nepean Nickel Project, which still has assays pending.
The commitments to raise the funds was through a very strongly supported share placement to institutional and professional investors at $0.21 per share with one free attaching option per new share issued.
These options will be exercisable at $0.28 each expiring two years from the date of issue and proceeds options to provide further funding to develop the Hawkins Project.
BPM managing director Chris Swallow said the planned 7,500m AC-RC drilling is expected to kick off mid-April utilising a portable XRF Analyser to assess the samples as they are produced.
This will allow the team to respond to anomalies immediately with infill and deeper RC drilling.
“Importantly, the proceeds will also be used for additional exploration drilling with the aim of targeting around 40km of prospective strike for both Rumble Resources’ (ASX: RTR) Chinook and Iroquois style mineralisation.
“We look forward to a busy and exciting 2022.”
This article was developed in collaboration with BPM 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.