• Firm commitments to raise $3.1 million via two-tranche placement
• Funds will be used for 7,000-10,000m maiden drilling program at Zopkhito Antimony-Gold Project
• Drilling aims to convert foreign resource estimate into JORC-compliant Mineral Resource

Krakatoa Resources Ltd (ASX: KTA) has announced that it has received firm commitments to raise $3.1 million (before costs) via a two-tranche placement of 295,238,095 new fully paid ordinary shares at an issue price of $0.0105 per share. Subject to shareholder approval, placement participants will also receive one free-attaching quoted option for every two shares subscribed for, exercisable at $0.02 and expiring on 29 September 2028. Proceeds from the placement will be used to continue the 7,000-10,000m maiden drilling program underway at the Zopkhito Antimony-Gold Project in Georgia, conduct additional in-adit drilling targeting high-grade antimony veins and gold alteration systems, convert the current foreign resource estimate (225Kt @ 11.6% Sb for a contained 26,000 tonnes of Sb and 7.1Mt @ 3.7g/t for 815,119oz of Au) into a JORC-compliant Mineral Resource, and commence preliminary works based on a Preliminary Economic Assessment on Zopkhito. The company's board of directors also intends to participate in the placement, subject to shareholder approval.

The company states that it is an exciting time as it looks to deliver consistent news flow from ongoing drilling and resource conversion over the coming months.