Lycaon Resources (ASX:LYN) has secured firm commitments to raise $1.5 million through the issue of 6 million shares at $0.25 per share to fund exploration programs across its Western Australian portfolio.
The $10.70 million market capitalisation company says the issue price of $0.25 represents a 13.7% discount to its last trading price and a 2% premium to its 30-day volume-weighted average price (VWAP).
Proceeds from the placement will go towards drilling at the Bow River Nickel Project in the Kimberley region, alongside finalising permitting and beginning drilling at the Stansmore Rare Earth Project in the West Arunta region.
Commenting on the capital raise, Lycaon Resources Technical Director Thomas Langley says: “This support is a strong endorsement of the quality of our projects, and I am looking forward to an exciting few months ahead as drilling gets underway.
“Bow River is an extremely compelling nickel-copper magmatic sulphide prospect which ranks as a standout target in the Kimberley”
Bow River is an extremely compelling nickel-copper magmatic sulphide prospect which ranks as a standout target in the Kimberley, with similarities to Panoramic’s Savannah mine, and I’m looking forward to drilling soon.”
Lycaon Resources is an ASX-listed exploration company focused on making discoveries in the West Arunta and Kimberley regions of Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Lycaon Resources Ltd
