Zinc explorer Superior Lake raises $5m at a premium; shares soar 27pc
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Zinc explorer Superior Lake Resources is soaring today after closing a $5 million placement oversubscribed and at a premium to its share price.
The stock rallied 27 per cent to an intra-day high of 4.2c on Friday morning.
Superior (ASX:SUP) sold the shares at 3.5c — 6 per cent higher than its closing price on Thursday.
Sydney-based boutique fund manager Tribeca Investment Partners has come in as a cornerstone investor – stumping up $1.5 million in the placement.
Tribeca has also agreed to help Superior secure up to $US60 million ($82.8 million) in finance for the restart of its Superior Lake zinc project in Canada.
Superior says the placement cash will be used to advance a feasibility study, which is due to be completed by mid-next year.
The company is in the process of completing a restart study that is expected to be completed in the current quarter.