Pioneer Minerals (ASX:PMM) has received firm commitments to raise $1 million for exploration across the company’s US critical minerals portfolio.
The placement comprises the issue of 5.5 million new fully paid ordinary shares at $0.18 per share, raising $1 million before costs. This is including the 555,555 shares relating to Non-Executive Chairman Agha Shahzad Pervez, subject to shareholder approval.
For every three placement shares issued, subscribers will receive one free attaching option, exercisable at $0.20 on or before 14 October 2028. All shares in the placement will rank equally with existing fully paid ordinary shares.
62 Capital acted as the lead manager in the placement and will receive a 6% brokerage fee which will be settled in shares and attaching options issued on the same terms as the placement. The lead manager will also receive 1 million broker options.
CEO Michael Beven says that the strong demand for the placement “reflects growing investor confidence in Pioneer’s strategy and the quality of our US critical minerals portfolio”.
“Securing $1 million in new capital positions the company to advance exploration at North Pine, where recent rock chip sampling at the Springfield prospect has delivered highly encouraging tungsten and gold results,” Beven says.
Pioneer Minerals is a North American exploration company focused on critical minerals projects in the US and Canada.
Write to Amy Rotman at Mining.com.au
Images: Pioneer Minerals
