Iltani Resources (ASX:ILT) is conducting a private placement to raise an additional $200,000, following the completion of a share purchase plan (SPP) which raised $965,000.
The SPP, which closed on 20 June, comprised the issue of 4.48 million shares at $0.215 per share.
Iltani, which has a market capitalisation of $13.61 million, says the total amount raised over the past month through the SPP and the placement is $2.97 million.
Proceeds will be used for exploration work across the Orient Silver-Indium Project and other areas of interest, costs of the offer and general working capital.
Managing Director Donald Garner says the company is grateful for the support and strong demand for the SPP and placement.
The Orient Silver-Indium Project, part of the Herberton Project, is located in Northern Queensland.
Yesterday (26 June), Iltani completed a versatile time-domain electromagnetic survey at Herberton which Garner says has the potential to be a game changer for Iltani and deliver multiple high-priority drill targets.
“We are confident that the Orient anomalies represent sulphide mineralisation, and once the modelling has been completed, we will rank the anomalies and then move to drill test the anomalies,” he says.
Once the modelling has been completed and drill targets are ranked, the drilling program at the project is expected to resume around mid to late July 2025.
Iltani also plans to work its way through the remaining anomalies, visit locations to conduct mapping and sampling, and then proceed with ranking targets based on field visits and modelling.
The company will be attending the Noosa Mining Investor Conference, held between 23-25 July, at the Peppers Noosa Resort.
Mining.com.au is an official media partner of this year’s conference.
Write to Aaliyah Rogan at Mining.com.au
Images: Iltani Resources
