Zenith Minerals Limited (ASX:ZNC) announced that they have entered into a binding agreement with Ida Metal Investment Pty Ltd to raise A$7.65M at A$0.1275 per new fully paid ordinary company share, representing a 15.9% premium to its last closing price. Upon completion, Ida Metal will hold a 10.18% stake in Zenith, reinforcing the Company’s shareholder base with a specialist gold investor aligned with its growth strategy.
The funds will accelerate exploration at Zenith’s Consolidated Dulcie Gold Project, expanding beyond the current 9,000–12,000m drill program. Additionally, a 10–15 hole RC drill campaign is planned at the Red Mountain Project to follow up on promising diamond drilling results. Assays from recent drilling are pending and expected soon.
The placement is subject to shareholder approval at an Extraordinary General Meeting in mid-November 2025, with Leeuwin Wealth acting as corporate advisor on the transaction.
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