Impact Minerals (ASX:IPT) has extended the closing date of its share purchase plan (SPP) by three days to Wednesday 14 June, 2017.
The extension is due to delays experienced by a number of shareholders in receiving the Prospectus and to compensate for the recent Western Australian public holiday.
All other dates in relation to the SPP and following shortfall offer remain unchanged.
The SPP aims to raise up to $4 million through the offer of 222.3 million shares priced at $0.018 and 3:2 attaching options exercisable at $0.04 and expiring June 15, 2020.
Eligible shareholders are able to subscribe for up to $15,000 of new shares in the SPP.
Any shares and attaching options not subscribed for under the SPP will be offered under the shortfall offer.
Funds raised will be used to drill a significant number of follow up drill targets in and around the general Commonwealth-Silica Hill area, within the 100% owned Commonwealth Project in New South Wales.
These include:
- Main Shaft: a prominent conductor has been identified at depth below the massive sulphide;
- Main Shaft North: a prominent conductor with coincident copper-lead-zinc-in-soil anomalies located 200 metres north of Main Shaft;
- Silica Hill: extensive and strong IP chargeability anomalies with coincident strong gold-silver-in-soil anomalies covering about one square kilometre; and
- Silica Hill East: several prominent conductors, very strong IP chargeability anomalies and extensive soil geochemistry anomalies of pathfinder metals as well as gold and silver.
Drilling at Silica Hill has discovered gold and silver grading up to 3,600 g/t silver and 23 g/t gold over an area of 200 metres by 100 metres down to a depth of 120 metres below surface.
It has shown strong similarities to the Eskay Creek deposit in Canada, which hosts 4 million ounces of gold and 150 million ounces of silver.