Aldoro Resources Ltd (ASX:ARN) has bolstered its cash reserves with the completion of a $3.8 million placement, designed to support continued exploration at the Wyemandoo Lithium-Rubidium-Tungsten Project, Niobe Rubidium-Lithium Project and Narndee Nickel-Copper-PGE (platinum group element) Project.
The company placed more than 21.7 million shares at $0.175 each with a free unlisted ARN option for every two placement shares subscribed for. The option shares have a strike price of $0.25 and an expiry of September 8, 2026.
Approval sought for director participation
In addition to the core placement, members of the Aldoro board intend to support the placement personally, subject to approval at an upcoming general meeting.
Approval will be sought for the following director participation:
- Troy Flannery (non-executive director) - 100,000 shares at $0.175
- Lincoln Ho (non-executive director) - 100,000 shares at $0.175
The director participation shares included in the total placement amount.
As stated, the funding will go to exploring the following projects:
- The 420-square-kilometre Windimurra Igneous Complex Project, which is prospective for pegmatites (and thus lithium mineralisation) about 80 kilometres southeast of Mount Magnet, Western Australia
- The Niobe Rubidium-Lithium Project, some 40 kilometres south of Leinster, WA, which is also prospective for high-grade tantalum and lies within the Archean Dalgaranga Greenstone Belt.
- The 700-square-kilometre Narndee Igneous Complex Project, 90 kilometres south-southwest of Mount Magnet, prospective for nickel, copper and PGE mineralisation with known mineralisation in historical drilling results.