Iltani Resources (ASX:ILT) is set to accelerate its antimony and silver exploration within the Herberton Project in Northern Queensland, after receiving firm commitments to raise $2.1 million via a placement.
Under the placement, 10 million shares will be issued at $0.21 per share to professional and sophisticated investors.
As part of the placement, Iltani directors will subscribe for $75,000 worth of shares at $0.21 per share, subject to shareholder approval at a general meeting.
Canary Capital and Sanlam Private Wealth will act as joint lead managers to the placement.
Iltani, which has a market capitalisation of $9.61 million, plans to use the funds towards drilling activities at the Antimony Reward and Orient projects, which are part of the Herberton Project.
Funds will also be used towards general working capital.
Managing Director Donald Garner says the placement was “well supported by a number of new and existing shareholders who have shown faith in the management team to progress the company’s projects.”
“I would like to welcome all new shareholders to the register and thank the continued support of our existing shareholders who participated in the placement.”
The Orient Project is an extensive precious metal-rich epithermal system with a likely intrusion at depth. The project is considered prospective for silver-lead-zinc-indium.
The Antimony Reward Project is a high-grade antimony vein system that lies within the same structure as the Featherbed Volcanic Complex.
Iltani Resources is an Australian-based explorer focused on discovering metals and critical raw materials needed for a cleaner future.
Write to Aaliyah Rogan at Mining.com.au
Images: Iltani Resources
