Polymetals to Endeavor to raise $8 million

Polymetals (ASX:POL) is looking to tap investors for $8.12 million to fund the growth strategy of its Endeavor Silver-Zinc-Lead Mine in New South Wales. 

The $47.17 million market capitalisation company says the funds will be raised via a one-for-6 non-renounceable rights issue offer of new shares in Polymetals at $0.32 per share. 

The funds will be used towards a regional exploration program, Endeavor restart pre-development and pre-production works, and for general working capital, among other aspects. 

Under the rights issue, Polymetals Executive Chairman David Sproule will subscribe for $1 million worth of shares. 

Polymetals has a project portfolio of ‘significant’ potential for the discovery and development of both precious and base metal resources. 

The company’s Endeavor Mine represents a ‘major’ underground silver-lead-zinc mine in the Cobar Basin in central-west New South Wales. 

As of 30 September 2023, Polymetals had $760,000 cash and cash equivalents at hand, according to its latest quarterly report.

Write to Adam Drought at Mining.com.au

Images: Polymetals Resources
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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.