Patriot Resources (ASX:PAT) has completed a strategic placement and an investor relations and marketing agreement with Next Investors, issuing 10 million paid ordinary shares at $0.05 per share, raising $500,000 before costs.
The placement was at a 28% premium to the company’s bid price, which the company believes reflects the strategic nature of the investment and aligns with its capital markets strategy.
In addition to the placement, Patriot entered into a two-year investor relations and marketing agreement with Next Investors, who will support the company through their investor engagement and marketing initiatives across various campaigns.
Patriot has issued 8.68 million fully paid ordinary shares at $0.0475 per share to Next Investors for their investor relations and marketing services.
Patriot, currently focused on its wholly owned Tassa Silver Project in Peru, recently announced a maiden inferred mineral resource of 31.4 million ounces silver equivalent from 18.53 million tonnes @ 52.68 grams per tonne silver equivalent. The company also outlined an exploration target of 559 million to 774 million ounces silver equivalent from 359 million to 422 million tonnes at 48–57g/t.
Managing Director Dominic Duggan says that the completion of the placement and agreement with Next Investors comes at a “pivotal time for the company”.
“Next Investors has a strong track record in supporting ASX resources companies and broadening investor engagement. We are pleased to have them join as an aligned investor and long-term marketing partner as we work to increase awareness of the Tassa Project.”
Patriot Resources is an Australian exploration company focused on battery and critical minerals assets in tier-one jurisdictions.
Write to Amy Rotman at Mining.com.au
Images: Patriot Resources
