Western Australian explorer Tambourah Metals (ASX:TMB) has finalised a share purchase plan (SPP) and raised $607,000 from eligible shareholders.
The $18.08 million market capitalisation says the funds, combined with the $2.5 million recently raised from a private share placement, will be used to fuel ‘aggressive’ drilling at its Pilbara lithium portfolio, as stated in an announcement earlier this month (2 August).
Tambourah reports 2.5 million new shares were applied for under the SPP and, subject to shareholder approval, will include a one-for-one free-attaching unlisted option exercisable at $0.30 and expiring 24 months from the date of issue.
This SPP was undertaken by Tambourah following the private share placement and was aimed at raising $1.2 million.
These new shares are expected to be issued on 28 August 2023, and the additional free attaching options will be subject to shareholder approval at an upcoming General Meeting to be held in early October 2023.
The company also notes that at the upcoming meeting, investors under the SPP will be invited to apply under a separate option offer prospectus for one free attaching option for every one new share subscribed for in the SPP.
These options will have an exercise price of $0.30 and expire 2 years from date of issue.
Commenting on the share purchase plan, Tambourah Metals Executive Chair Rita Brooks says: “The board welcomes our new shareholders and thanks those shareholders who participated in the SPP. The recent placement and this SPP provides the company with funding to commence advancing our lithium exploration projects in the Pilbara. We look forward to commencing drilling at the Tambourah project shortly.
“We look forward to commencing drilling at the Tambourah project shortly“
Tambourah has planned lithium exploration programs at Tambourah Gold and Lithium project (“Tambourah Project”) Shaw River and Russian Jack project (“Russian Jack”) in the Pilbara.”
Tambourah Metals is an ASX-listed explorer established in 2020 to develop gold and critical mineral exploration projects in Western Australia.
The company’s portfolio of projects includes the Russian Jack, Nullagine, Tambine, Cheela, Achilles, Adam Range, and Julimar North projects.
Write to Adam Drought at Mining.com.au
Images: Tambourah Metals
