Podium Minerals (ASX:POD) has completed a Share Purchase Plan (SPP) and Placement, raising $2 million to advance the Park Reef Platinum Group Metals Project in Western Australia.
The company tapped investors for the fresh funds by giving shareholders the opportunity to buy up to $30,000 worth of new shares at $0.072 per share — a 20% discount to its last closing price before launching the SPP.
Investors subscribed for $1.66 million worth of shares under the offer.
Following the SPP, the company conducted a placement at the same issue price as the SPP, with investors contributing an additional $0.34 million in funds to fill $2 million.
The company says the combined funds will be used to drive activities to progress the project, including an analysis of geophysical data, advancing the geological resource model confidence towards ‘indicated’ status, and progressing metallurgical process development.
Podium Minerals Chief Executive Officer and Managing Director Sam Rodda says: “Podium’s Park Reef Project remains well-positioned to take advantage of projected market deficits in PGMs. Demand growth is expected from increased performance required from auto catalysts and the rise of green hydrogen.
“Podium’s Park Reef Project remains well-positioned to take advantage of projected market deficits in PGMs”
At the same time, constraints in supply are forecast to continue in both South Africa and Russia.”
Podium will today (12 May 2023) issue 22,999,893 new shares to eligible shareholders who participated in the SPP.
The company reports an additional 4,777,778 shares under the placement are expected to be issued on or around 18 May 2023.
Podium Minerals is an ASX-listed company focused on becoming a leading platinum group metals producer.
Images: Podium Minerals Ltd
