Anax Metals Limited

Anax Completes $2.54M Strategic Placement

Anax Metals Limited (ASX: ANX, Anax, the Company) is pleased to advise that it has received firm commitments from institutional, sophisticated and professional investors to raise approximately $2.54 million (before costs) via the issue of 169,650,712 new fully paid ordinary shares (“Placement Shares”) at an issue price of $0.015 per share (“Placement”).

Anax’s Managing Director, Geoff Laing commented:

“We are very pleased to have had such strong support for this raise. Whim Creek is poised to become a first mover base metals producer in the Pilbara and with both copper and zinc having enjoyed significant price upswings this year, our robust project and processing hub platform continues to grow in value.”

Net proceeds of the placement will be principally used for:

  • Soil and Auger sampling, geophysics and RC drilling over VMS targets at the Evelyn Project 1&2;
  • Geophysics and RC drilling at the Mons Cupri South prospect;
  • Geophysics at the Whim Creek deposit;
  • Conducting technical studies to assess the treatment of GreenTech Metals Ltd (ASX:GRE) base metal assets and copper content of Artemis Resources Ltd (ASX: ARV) Greater Carlow resource at the Whim Creek Project as part of the recently formed Pilbara Base Metal Alliance 3,4&5;
  • Advancing the Scoping Study in collaboration with Develop Global Limited (ASX:DVP) to evaluate the treatment of high-grade oxide/traditional ores from DVP’s 100% owned Sulphur Springs project at the fully permitted Whim Creek heap 6;
  • Advancing off-take and project finance discussions towards Financial Investment Decision for the construction and development of the 80%-owned, mine ready, fully permitted, Whim Creek Project; and
  • Working capital requirements.

The Placement will be undertaken utilising the Company’s existing placement capacity under Listing Rules 7.1 and 7.1A, through the issue of 100,190,427 and 69,460,285 Placement Shares respectively. The Placement issue price of $0.015 per share represents a 17% discount to the last traded price of $0.018. The Company expects the Placement Shares to be quoted on Thursday, 17 October 2024. The Placement Shares will rank equally with the existing fully paid ordinary shares on issue.

Placement participants will also be entitled to one (1) free attaching option (exercisable at $0.025 each and expiring 3 years from issue) for every one (1) Placement Share subscribed for (“Attaching Options”).


Click here for the full ASX Release

This article includes content from Anax Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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