Big-cap explorer Chalice Mining (ASX:CHN) has opened a share purchase plan (SPP) to raise $10 million for exploration and pre-development activities at the Julimar Nickel-Copper-PGE Project in Western Australia.
Under the SPP, eligible shareholders will be able to subscribe for up to $30,000 worth of new shares on the same terms as a recently completed $70 million share placement.
Chalice says the issue price of $7.30 per share represents a 5.7% discount to its last closing price of $7.74 per share on 10 May 2023, which was the company’s last trading day before the placement and the announcement of the SPP.
Additionally, the issue price represents a 5.9% discount to Chalice’s volume-weighted average price (VWAP) of $7.75 over the 5 trading days prior to 10 May 2023. Bell Potter Securities acted as lead manager to the placement.
The funding boost will be used to complete a near-term ramp-up of reconnaissance exploration drilling along the Julimar Complex and ongoing wide-spaced step-out drilling at the Gonneville deposit
Chalice reports the funding boost will be used to complete a near-term ramp-up of reconnaissance exploration drilling along the Julimar Complex and ongoing wide-spaced step-out drilling at the Gonneville deposit. It will also fund initial drill testing on 6 recently defined greenfield targets within the Yilgarn Province and the completion of a Scoping Study and Prefeasibility Study (PFS) for Gonneville.
The SPP offer closes on 9 June 2023. New shares will be issued on 19 June 2023 and will begin trading on 20 June 2023.
Chalice Mining is an Australian nickel sulphide explorer and developer focused on advancing its Julimar Nickel-Copper-PGE Project in Western Australia. The Julimar Project lies about 70km northeast of Perth and hosts a Mineral Resource Estimate (MRE) of 560 million tonnes @ 0.88g/t 3E, 0.16% Ni, 0.09% Cu, and 0.015% Co at Gonneville.
Write to Harry Mulholland at Mining.com.au
Images: Chalice Mining Ltd
