Impact Minerals (ASX: IPT) will seek up to $7 million through a placement and a partly underwritten entitlement offer at $0.03 per share.
A private placement to raise $1.5 million via an issue of 50 million new shares at A$0.03 per share has been agreed.
A one-for-one non-renounceable entitlement offer at A$0.03 per share will raise A$5.53 million.
The funds raised will be used for further exploration on the Company’s Botswana uranium project.
Follow up drilling is planned at the Red Hills Prospect part of the Botswana Uranium Project where a very large multi-metal alteration system (U LREE, Ag-Pb-Zn-Cu) has been identified.
Funds will also be allocated to a maiden drill programmes at the Xade Cu-Ni-PGE Project and working capital.