West Australian-based exploration company Terrain Minerals (ASX:TMX) has completed its share purchase plan aiming to accelerate drilling activities at the Lort River Rare Earth Element and Smokebush Gold-Lithium projects in Western Australia.
The company says the SPP has closed oversubscribed with applications for $1,066,059 received. This represents an increase of 33% over the original target of $800,000. Included in the total amount is $120,000 of shares which were applied for by directors of the company.
Valid applications were received from 100 shareholders, and the average application amount was $10,661. Terrain reports a total of more than 177.676 million new fully paid ordinary shares will be issued. All valid applications under the SPP were also accepted in full with no scale back.
Combined with the placement which raised $800,000 on 19 December 2022, Terrain has raised a total of $1,866,059 to accelerate drilling at Lort River and Smokebush. These funds will also be for general exploration purposes, and working capital.
Terrain expects the SPP shares will be issued on 6 February, and will commence trading on 7 February. Holding statements are expected to be dispatched to applicants at the end of February. The company also notes that the SPP shares will rank equally to existing ordinary shares in Terrain once issued.
Terrain Minerals is a West Australian-based minerals exploration company focused on the Eastern Goldfields, and the Yalgoo mineral fields. The company is also actively looking for opportunities in Africa, South America, and other jurisdictions.
Currently the company holds the Lort River REE Project near Esperance, the Wild-Viper Gold Project near Leonora, and the Smokebush Gold-Lithium Project near Paynes Find.
