Sky Metals Ltd (ASX: SKY) has received firm commitments to raise A$4.2 million (before costs) via a share placement to institutional, sophisticated, and professional investors at A$0.033 per share with approximately 127M new fully-paid ordinary shares to be issued.
Sky CEO, Oliver Davies, commented, “Thank you to the existing shareholders for their strong and continuing support and we gladly welcome the new shareholders onto the register. Additionally, the tremendous support from the board is greatly appreciated and shows the strong conviction to the advancement of the Tallebung Tin Project. These funds will be focused on continuing the significant progress towards feasibility studies at Tallebung with the aim of building a low cost and environmentally best practice tin project to meet the growing global demand for ethical and reliable sources of tin, necessary for global electrification.”
The placement will occur in two tranches with an initial placement of A$3.5M, under the company’s existing placement capacity under ASX Listing Rules 7.1 and 7.1A, followed by a second tranche of approximately A$0.7M, subject to shareholder approval, including A$0.6M committed by the company’s directors and management.
Furthermore, the placement will enable Sky to swiftly progress advancement towards mining feasibility studies at the Tallebung Project with drilling aiming to increase the resources and other activities to progress the project.
To find out more, please visit www.skymetals.com.au
To read more articles like this, please visit www.theassay.com/news
