OD6 Metals opens share purchase plan

OD6 Metals’ (ASX:OD6) share purchase plan (SPP) to raise up to $1 million is now open.  

As reported by Mining.com.au, OD6, which has a $7.68 million market capitalisation, has invited eligible investors to purchase up to $30,000 worth of new shares at $0.071 each.

The price represents an 18.4% discount to the last ASX closing price of $0.087 on 21 March 2024, and is the same price as the shares issued under last week’s $1.5 million placement. 

Up to 21 million new shares will be issued to investors under the placement — for which Euroz Hartleys acted as the sole lead manager and bookrunner — and are expected to settle on 5 April. 

Funds from both the SPP and placement will help the company progress its Splinter Rock Project towards development, including an infill drilling program at the Inside Centre prospect, and extensional drilling targeting Mineral Resource Estimate (MRE) growth. 

The SPP is scheduled to close at 5pm (AWST) on 23 April 2024. 

Shares issued under the placement and SPP will rank ‘pari passu’ with existing OD6 ordinary shares from the respective dates of issue. 

In a mid-January interview (above), MD Brett Hazelden discusses with Mining.com.au the Mineral Resource Estimate (MRE) of 344 million tonnes at 1,308ppm TREO at a 1,000ppm cut-off grade for Splinter released in 2023. He says it is one of the largest and highest-grade clay-hosted rare earth resources in Australia and rivals some global projects.

OD6 Metals is an Australian explorer and developer focused on rare earths and its project portfolio in the Esperance-Goldfields region of Western Australia. 

Write to Adam Drought at Mining.com.au

Images: OD6 Metals
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.