Future Battery Minerals Limited (ASX: FBM) has received firm commitments from cornerstone, institutional, sophisticated, and professional investors to raise A$7.6 million, before costs, under a placement of fully paid ordinary shares over two tranches at an issue price of A$0.10 per share.
Further, Hancock Prospecting Pty Ltd has agreed to participate in the placement as a cornerstone investor, pledging to invest A$2.65M across two tranches.
FBM executive chairman, Mike Edwards, commented, “We are extremely pleased with the strong support received from both new and existing professional, sophisticated, and institutional investors, and we welcome Hancock Prospecting Pty Ltd to our register. The strongly oversubscribed placement not only confirms the quality of our projects but is also validation to the experience and track record of our dedicated teams in WA and Nevada.”
Proceeds from the placement will be utilized for the following activities:
Kangaroo Hills Lithium Project:
- Completion of the Phase 3 reverse circulation (RC) drill programme with 7,000m drilled to date and awaiting assay results for circa 50 holes
- Ongoing diamond drill (DD) testing of the regional targets at the Big Red and Rocky prospects with 1,100m drilled to date and awaiting assays
- Ongoing metallurgical and mineralogical assessment on core samples with initial results expected in October 2023
- Ongoing target generative geophysical surveys including Ground Gravity and Resistivity
- Completion of baseline environmental surveys which are expected to be completed in November 2023
Nevada Lithium Project (NLP) (80%):
- Phase 3 RC and DD resource drilling programme at Lone Mountain- commencing late September
- Maiden Mineral Resource Estimate at Lone Mountain – scheduled Q1 2024
- Initial metallurgical test work
The company will also use the funds for general working capital purposes.
To find out more, please visit www.futurebatteryminerals.com.au
To read more articles like this, please visit www.theassay.com/news
