Astute Metals (ASX:ASE) has raised $1.39 million through tranche one placement from a group of sophisticated investors.
The company will issue 92.72 million shares at $0.015 per share, before commencing tranche two of the placement.
Directors Anthony Leibowitz, Matthew Healy, and Vincent Fayad have agreed to participate in tranche two, along with sophisticated investors.
Tranche two is expected to be announced shortly.
As reported by Mining.com.au, this is a part of $5.5 million capital raise that will be used to streamline a maiden resource estimate at the Red Mountain Project and drill testing at identified targets within the Needles Project, both located in Nevada, US.
Astute Metals is a lithium-copper explorer focused on developing its portfolio of assets in the Northern Territory and Nevada.
Write to Maddison Elliott at Mining.com.au
Images: Astute Metals
