Heavy Minerals (ASX:HVY) is looking to raise $750,000 via a non-underwritten share purchase plan (SPP) to help fund completion of the Port Gregory Project Prefeasibility Study (PFS).
Proceeds will also be used for permitting for Port Gregory, additional works at the Red Hill Project, and other priority exploration targets, and general working capital.
The SPP will open 21 February 2024 and is scheduled to close at 5pm (AWST) on 6 March.
Under the SPP, eligible shareholders will each have the opportunity to apply for up to $30,000 worth of new shares without incurring brokerage or other transaction costs.
In the event Heavy raises more than the $750,000, the directors in their discretion may decide to scale back or to accept applications that result in the SPP raising more than $750,000.
Heavy Minerals is an industrial mineral explorer whose projects are prospective for industrial minerals including but not limited to garnet, zircon, rutile, and ilmenite.
The Port Gregory PFS started early October and is expected to be completed Q2 2024.
In the company’s latest quarterly report released 31 January 2024, Non-Executive Chairman Adam Schofield says with the PFS progressing 2024 looks like a promising year for Heavy.
The company’s initial focus is the Port Gregory and Red Hill Garnet projects in Western Australia, with the Port Gregory project having a JORC 2012 mineral resource of 166 million tonnes @ 4% totally heavy minerals.
Heavy’s other project is the Inhambane Heavy Mineral Project in Mozambique, which contains ilmenite dominated JORC 2012 inferred mineral resource of 90 million tonnes @ 3% total heavy mineral.
Write to Adam Drought at Mining.com.au
Images: Heavy Minerals
