Sabre Resources (ASX:SBR) is set to raise an additional $700,000 via a placement to a ‘large’ investor client of Peak Asset Management, a ‘substantial’ early stage investor in Latin Resources (ASX:LRS).
The placement is in addition to a $2.6 million placement announced on 30 October 2023.
The current placement comprises just over 17 million fully paid ordinary shares of Sabre at $0.041 per share with about 20.573 million free attaching SBROB listed options.
Sabre, which has a market capitalisation of $14.64 million, says these funds will be used to fast-track lithium exploration at its lithium targets near Azure Minerals’ (ASX:AZS) Andover discovery in an emerging ‘world-class’ lithium province.
Sabre Resources is an explorer and mining developer focused on precious, battery, and critical minerals.
Write to Aaliyah Rogan at Mining.com.au
Images: Sabre Resources