The Conversation (0)
Bryah Resources Ltd (ASX:BYH) (“Bryah” or “the Company”) is pleased to announce that it is undertaking a 1 for 3 renounceable rights issue (“Rights Issue”) at 1.9 cents per share to raise up to approximately$1.78 million (before costs). For every 3 new shares subscribed, eligible shareholders will receive 2 free attaching New Options with an exercise price of 3.5 cents and expiring 1st December 2025. The Company will apply for the quotation of the new options on the ASX.
HIGHLIGHTS
- 1 for 3 Renounceable Rights Issue to raise up to $1.78 million
- Attractively priced at 1.9 cents per share
- Discount of 17% to the last price of 2.3 cents and 17% to the 20‐day VWAP
- With every 3 New Shares, shareholders re9ceive 2 free attaching New Options
- New Options will have an Exercise Price of 3.5 cents, expiring 1st December 2025 and will be quoted subject to ASX approval
- Shareholders can trade their rights and apply for additional shares and options
- Rights to commence trading from 5th May 2023
- Funds to be used for ongoing Copper exploration
The rights issue price represents a discount of:
- 17% to the Company’s last close of 2.3c on the ASX; and
- 17% to the Company’s 20‐day VWAP of 2.3c
The Rights Issue is open to all eligible shareholders who have a registered address within Australia, New Zealand or Singapore, and who hold Shares on the Record Date. The Rights Issue will close on 25th May (unless extended), and eligible shareholders can apply for shortfall in excess of their entitlement. Shareholders can also trade their rights from 5th May.
Funds raised will be used to enable the Company to:
- Drill Copper Hills South targets
- Complete Assay Downhole EM at Windalah
- Complete Aquarius RC Drilling
- IP Lines at the Olympus Target
- West Bryah Uranium/ REE Stage 1 – Twin Holes and re‐assay for REE
- General Working Capital
The Rights Issue is partially underwritten to $0.5 million (“Underwritten Amount”) by Lead Manager and Underwriter Mahe Capital Pty Ltd (ACN 634 087 684) (AFSL 517246) ("Mahe Capital").
All New Shares issued will rank equally with existing shares on issue and the Company will apply for quotation of the New Shares and New Options. A prospectus in relation to the Rights Issue was lodged with ASIC on 3rd May and, together with a personalised entitlement acceptance form, will be sent to eligible shareholders shortly after the Record Date.
Eligible shareholders should consider the prospectus in deciding whether to acquire securities under the Rights Issue and will need to follow the instructions on the entitlement and acceptance form that will accompany the prospectus. The following are indicative dates in respect of the capital raising:
These dates are indicative only and may change, subject to the Corporations Act and Listing Rules.
The Company’s Chairman Ian Stuart said: “This fundraising is a major step in the value creation journey for the Company and we look forward to continued shareholder support as we advance our copper gold VMS targets and manganese joint venture in the Bryah Basin and take our copper nickel resource and copper exploration at the Gabanintha Project, near Meekatharra to the next level to deliver value for our shareholders”.
Click here for the full ASX Release
This article includes content from Bryah Resources, 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.
BYH:AU
High grade Massive Sulphide Intercepts Confirmed at Oval
HIGHLIGHTS:
- OVD027 confirms the continution of high grade massive sulphide from OVD0211 with an intercept of 6.1 metres of 4.16% Cu, 3.51% Ni, 0.G3g/t E3, and 0.13% Co from G8.2 metres encountered between broader high grade zones of:
- A dense disseminated intercept - 26.2 metres of 0.44% Cu, 0.52% Ni, 0.12g/t E3, and 0.03% Co from 72.0 metres and
- A net textured intercept - 15.3 metres of 1.15% Cu, 0.79% Ni, 0.35g/t E3, and 0.04% Co from 104.3 metres;
- A high grade broad intersection is confirmed at the central part of the Oval area by OVD026. It includes a massive sulphide intercept in hole OVD026 of 1.8 metres of 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co from 105.0 metres within broader mineralisation of:
- 19.8 metres of 1.23% Cu, 0.98% Ni, 0.36g/t E3, and 0.05% Co from 91.2 metres.
OVD026 is located 100 metres northwest of the previously announced 8.8 metres of massive sulphide identified in drillhole OVD021.
On completion of the Phase 2 exploration work and receipt of all assays, Managing Director Gan-Ochir Zunduisuren, commented:“The 2024 Phase 1 and 2 drilling and exploration programs have confirmed the broad presence of high-grade mineralisation in the Oval gabbroic intrusion. The grades intercepted in some of the drillholes are exceptional and may be indicative of broader potential over a larger area, given Oval is a greenfields discovery.
The 2025 exploration program will focus on obtaining information on the size/metal content potential of the Oval Cu-Ni-PGE mineral system as well as targeting the possible deeper magmatic sources at Oval. Broader exploration is also planned at potential extensions of Oval and nearby look-a-like prospects. We look forward to updating shareholders on progress, with drilling expected to commence in around 8 weeks”.
Summary of Phase 2 exploration drilling at Oval Cu-Ni-PGE project
The Company’s recent drilling work has predominantly focused on finding high-grade mineralisation in the olivine-amphibole gabbro at the Oval project. The multiple intercepts of massive sulphide mineralisation with different ratios of metal contents throughout the Oval gabbroic intrusion is highly encouraging for the presence of one or more deeper sources of high grade mineralisation in the opinion of ABM.
Figure 1. Plan view of drillhole locations on high resolution magnetics map (RTP)
Drillhole OVD02c
Drillhole OVD026 was designed to test the Down-Hole Electromagnetic (DHEM) conductor plate identified as OVD007_L2_B (reinterpretation of OVD007_L2_A2 by Southern Geoscience Consultants), which exhibits a conductance of 1,000 siemens. The drilling intersected a total of 1G.8 metres of mineralisation with 1.23% Cu, 0.G8% Ni, 0.36g/t E3, and 0.05% Co from G1.2 metres including;
- 4.8 metres of @ 0.45% Cu, 0.43% of Ni, 0.14g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 91.2 metres,
- 6.6 metres of @ 1.56% Cu, 0.G0% Ni, 0.50g/t E3, and 0.04% Co of net textured mineralisation from G6.0 metres,
- 2.4 metres of @ 1.52% Cu, 1.3G% Ni, 0.43g/t E3, and 0.07% Co of semi massive sulphide mineralisation from 102.6 metres,
- 1.8 metres of @ 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co of massive sulphide mineralisation from 105.0 metres, and
- 4.2 metres of @ 0.57% Cu, 0.45% of Ni, 0.21g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 106.9 metres (Table 1 provides a detailed breakdown of mineralisation intervals).
OVD026 is located in the Oval area, which is approximately 100 metres northwest of the previous intersection identified in drillhole OVD0213. This intercept may represent an extension of the known massive sulphide mineralisation in the Oval area and highlights the potential for further expansion of massive sulphide zones within the broader prospect area (Figures 1 and 3).
Click here for the full ASX Release
This article includes content from Asian Battery Metals PLC, 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.
