$1.25m placement to continue exploration in Cote d'Ivoire
Key points
- Firm commitments received for $1.25 million placement
- Funds to be used for aircore drilling at Tengrela South and permit-wide exploration at Adzope
- Placement led and managed by CPS Capital Group Pty Ltd
Full summary
Desert Metals Ltd (ASX: DM1) has received firm commitments to raise A$1.25 million (before costs) via a placement of approximately 192,307,692 fully paid ordinary shares at an issue price of A$0.0065 per share. The placement was strongly supported by existing shareholders and will also introduce new, sophisticated and professional investors to the Desert Metals share register. The funds raised will be used to undertake aircore drilling at the Tengrela South project, where previous drilling has intersected shallow, wide high-grade gold intercepts, as well as a permit-wide stream sediment sampling program at the Adzope gold project, where extensive artisanal gold operations are present. The company will also continue to assess new project opportunities to complement its existing portfolio. The placement was led and managed by CPS Capital Group Pty Ltd.
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