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
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
Click here for the full ASX Release
This article includes content from Alice Queen 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.
