Arkle Resources PLC (LON:ARK) has raised £600,000 in an oversubscribed placing to fund its drilling and sampling campaigns in the Republic of Ireland through to the end of next year.
The AIM-listed company, which earlier this month restarted fieldwork at its Mine River and Inishowen gold projects, issued 75mln new ordinary shares at a price of 0.8p apiece.
Shares were issues with a one-for-one warrant exercisable at 1.20p each, with a two-year term, which if they are fully exercised would raise a further £900,000 in gross proceeds and see the company fully funded well into 2022.
Arkle said the proceeds of the placing will fully fund its planned sampling and drilling campaigns at Mine River in Wicklow in the south and Inishowen in Donegal, in the north of the island, which are both 100% owned.
As well, the funds will be used for the anticipated 2021 drilling programme for zinc at the Stonepark joint venture in Limerick and in surrounding areas, as well as for general corporate activities.
John Teeling, Arkle’s chairman and chief executive, said: “We have crews working at both Mine River and Donegal targeting gold while drilling will commence this month on the Stonepark zinc project.
“Follow up drilling is anticipated on all three projects and we look forward to reporting back to shareholders on the results of those activities.”