Accelerate Resources Limited ('Accelerate' or the 'Company') is pleased to announce that it has received firm commitments to raise $3.1 million (before costs) through a placement of shares to a range of sophisticated and professional investors ('Placement'), including participation by Accelerate's Board of Directors.
Demand for the Placement significantly exceeded shares available.
Funds raised from the capital raising, together with the Company's existing cash reserves, will be used for due diligence exploration drilling and exploration activities on the Braeside West Project and Ripon Hills East Manganese Projects, exploration activities on the Comet Gold Project and for working capital purposes (including costs of the Placement). Commenting on the success of the capital raising,
Accelerate's Managing Director, Yaxi Zhan, said: 'We are delighted to have received such strong support for this capital raising and we would like to take this opportunity to welcome those new investors to our register and thank those existing shareholders who participated in the placement for their ongoing support. This is an exciting period for the company as we transition to our critical metals focus and commence exploration activities on our East Pilbara manganese projects. We look forward to keeping shareholders up to date with the progress of the well.'
Details of the Raise
The Placement comprises an issue of 86,111,111 fully paid ordinary shares ('Shares') in the Company at an issue price...
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