Heavy Minerals (ASX:HVY) has extended the closing date of its $750,000 share purchase plan (SPP) to 5pm (AWST) 15 March 2024.
The $4.72 million market capitalisation company says funds from the SPP are expected to be applied towards completing a Prefeasibility Study (PFS) for the Port Gregory Project in Western Australia, additional works at Red Hill and other exploration targets, costs of the SPP, and general working capital.
Under the SPP, more than 9.146 million fully paid ordinary shares will be issued at a price of $0.082 per share to eligible shareholders, who have the opportunity to apply for up to $30,000 worth of new shares without incurring brokerage or other transaction costs.
Results of the SPP are scheduled for release on 22 March 2024, alongside the issue of new shares. The new shares will begin trading on 25 March.
Heavy Minerals is an industrial mineral explorer with a portfolio of projects considered prospective for garnet, zircon, rutile, and ilmenite.
The company’s initial focus is the Port Gregory and Red Hill Garnet projects, with Port Gregory having a JORC (2012) mineral resource of 166 million tonnes @ 4% total heavy minerals.
Write to Adam Drought at Mining.com.au
Images: Heavy Minerals
