Chariot Corporation

Successful Placement

Chariot Corporation Limited (ASX:CC9) (“Chariot” or the “Company”) is pleased to announce that it has received firm commitments for a placement raising A$1.618 million (the “Placement”) before costs, though the issuance of approximately 8.09 million fully paid ordinary Chariot shares (“Shares”) at a price of A$0.20 per Share on the terms set out in this announcement.


HIGHLIGHTS:

  • Successful Placement: Chariot has received firm commitments for a A$1.618 million placement of 8.09 million new shares at A$0.20 per share.
  • Strong Investor Support: The placement was strongly backed by a group of institutional, sophisticated and professional investors with Ignite Equity Pty Ltd acting as lead manager.
  • Directors’ Subscription: The Directors have subscribed for A$150,000 under the Placement (subject to shareholder approval at the next general meeting).
  • Use of Placement Proceeds: The existing cash reserves combined with the proceeds of the placement will fund (i) phase 2 drilling at the Black Mountain Lithium Project, (ii) the 4th purchase price payment to Black Mountain Lithium Corp., one of the Black Mountain Project vendors, (iii) initial execution of the pilot mine strategy, including metallurgical testing in Perth and a scoping study for a pilot mine and general working capital.
  • Upcoming Activities: Chariot is progressing with the phase 2 drilling program which seeks to define a maiden resource estimate to advance the pilot mine initiative at Black Mountain.

The placement was strongly supported by a group of institutional, sophisticated and professional investors, including existing shareholders and associates of Ignite Equity Pty Ltd, which acted as the lead manager for the placement.

Placement Terms

The placement terms are as follows:

Certain members of the Company’s Board of Directors have elected to subscribe for 750,000 shares, 375,000 2025 Options and 375,000 2026 Options. The issue of the shares and options under this Placement is subject to the approval of Chariot’s shareholders at the next general meeting.

Use of Proceeds

The Placement proceeds will be used to fund (i) phase 2 drilling at the Black Mountain Lithium Project, (ii) the 4th purchase price payment to Black Mountain Lithium Corp., one of the Black Mountain Project vendors, (iii) initial execution of the pilot mine strategy, including metallurgical testing in Perth and a scoping study for a pilot mine and general working capital.


Click here for the full ASX Release

This article includes content from Chariot Corporation, 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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Black Mountain Phase 2 Program has Commenced

Black Mountain Phase 2 Program has Commenced

Chariot Corporation (CC9:AU) has announced Black Mountain Phase 2 Program has Commenced

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