SensOre Ltd (ASX:S3N) has secured binding commitments worth $1 million under a placement to new and existing investors.
A total of four million new shares will be issued at $0.25 each, representing a 16.7% discount to SensOre’s share price on May 8. Every two shares will also come with an option, exercisable at 37.5 cents and expiring three years from the date of issue.
Of the four million shares, 1.2 million — worth roughly $480,000 — will be issued to directors of SensOre, subject to shareholder approval at an AGM scheduled for late June.
The new shares will be issued to investors on May 18, with the proceeds intended to support the company’s technology and exploration services divisions.
SensOre to tap investors for another $1 million
With the placement complete, SensOre is now looking to raise an additional $1 million from a share purchase plan (SPP).
Eligible shareholders will have the opportunity to purchase up to $30,000 worth of shares at the placement price of $0.25 per share. Like the placement, every two shares will also come with an option, exercisable at 37.5 cents and expiring in three years.
The SPP has not been underwritten, and SensOre noted that it may increase or decrease the size of the offer at its discretion.
The offer is scheduled to open on May 15 before closing on June 7, with the new shares to be issued on June 13.
A global minerals targeting company
SensOre has its sights set on becoming “the top performing minerals targeting company in the world".
Though the company has its own portfolio of tenements in Western Australia, it predominantly uses artificial intelligence (AI) and machine learning (ML) platforms to monetise the knowledge its technology generates.
SensOre collects geological information and uses its Discriminant Predictive Targeting (DPT) technology to accurately identify targets for further exploration.
Through its three business divisions — exploration, exploration services, and technology — SensOre works to enhance the pace, reliability, efficiency and success of minerals exploration.
Written by Oliver Gray.