Chase Mining Ltd (ASX:CML) substantial holder Syracuse Capital Ltd has increased its stake in the company to 6.86% from 5.76%.
The move comes after the WA-based investor purchased more than 6.76 million shares in a series of transactions from January 14 to March 29, increasing the total number of securities held to more than 25.13 million.
Placement to fund exploration
Earlier this year Chase received firm commitments to raise around A$821,000 through a placement to sophisticated investors and directors at A$0.016 per share.
Proceeds were to be used to carry out additional preparatory desktop and fieldwork at its Alotta and Lorraine projects in Quebec, Canada, prior to possible further drilling and for working capital.
Placement shares, excluding shares with a total value of $56,000 to be issued to directors, will be issued without shareholder approval, with the directors’ commitment ratified at a meeting this month.
GTT Ventures was lead manager for the placement.