Freehill Mining appoints Vested Equities for entitlement offer

Freehill Mining (ASX:FHS) has appointed Vested Equities as investor relations representative for its current entitlement offer.

Vested Equities is in the process of contacting eligible shareholders on behalf of the company in relation to the offer.

On 12 July 2023, Freehill announced a pro rata non-renounceable entitlement offer of one fully paid ordinary new share in the capital of the company for every 5 shares held by eligible shareholders on 17 July 2023 at an issue price of $0.003 per share to raise up to $1.16 million.

The entitlement offer is not underwritten.

During in the June quarter, the company focused on setting up of the first stage plant and equipment on site to process and stockpile waste material, being sand and gravels, which is earmarked for sale to numerous cement companies operating in and around the La Serena region.

As reported, the waste or reject material from Freehill’s Yerbas Buenas magnetite project has been established as an acceptable material having gone through testing by  multiple cement companies.

The company’s contractor is now fully operational at Yerbas Buenas and has stockpiled material for progressive delivery and sale. Freehill Mining has also secured the services of a reliable transport group to truck material from Yerbas Buenas to various customer sites.

Freehill Mining notes stockpiling waste material has been the primary focus given a number of customers, who have visited the site and tested the material, want to ensure sufficient material has been processed and is readily available for regular delivery.

The development of a low-cost, small scale magnetite operation at Yerbas Buenas is also a priority for the company which is assessing plant and equipment to facilitate this

The development of a low-cost, small scale magnetite operation at Yerbas Buenas is also a priority for the company which is assessing plant and equipment to facilitate this.

Also reported in the June quarter, to fund the capital expenditure and operating costs associated with waste material processing and the company’s sales operation in Chile, and ongoing working capital requirements, the company secured loan funds totalling some $1.15 million. These funds are convertible into Freehill shares on the same terms as the entitlement offer capital raising which was announced on 12 July 2023.

Freehill Mining also announced the appointment of Peter Williams as a Non-Executive Director on 1 May 2023. Williams joins with over 20 years’ experience as a company director, and a career in logistics management and private equity.

Write to Adam Orlando at Mining.com.au

Images: Freehill Mining Ltd
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Written By Adam Orlando
Mining.com.au Managing Editor Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Adam has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.