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
