Lykos Metals (ASX:LYK) has received firm commitments to raise $800,000 via a placement.
The company is scheduled to settle the issue of the placement shares on or about 22 January 2024.
Lykos Metals today (17 January 2024) has also launched a 1 for 3 non-renounceable entitlement offer to raise about $1.4 million at the same price as the placement.
CPS Capital Group acted as lead manager to the equity raise and intends to fully underwrite the entitlement offer, subject to the execution of a formal underwriting agreement.
The entitlement offer is currently expected to be extended to all Lykos Metals shareholders registered on 6 February 2024. The offer is expected close on 23 February.
Significant shareholders and Lykos Managing Director Milos Bosnjakovic have confirmed they intend to subscribe for their full entitlement under the offer. Funds will be used towards exploration and development of existing projects in addition to evaluation of new opportunities and working capital.
Lykos Metals owns 100% of each of the Doboj Project, Jezero Project, Sockovac Project, Sinjakovo Project and the Cajnice Project, located in Republika Srpska, Bosnia and Herzegovina.
The projects have a history of ‘high-grade’ minerals discovery and extraction and are prospective for nickel, copper, cobalt and precious metals.
Write to Adam Orlando at Mining.com.au
Images: Lykos Metals
