Future Metals NL (ASX:FME, AIM:FME) has followed up a successful $5 million share placement with the offer of additional shares through a share purchase plan (SPP), intending to raise up to $500,000 before costs.
The company is offering one free attaching option for every three SPP shares subscribed for. Subscribed shares are offered at $0.125 per share, with the attached option exercisable at a price of $0.10 per share, having an expiry date of June 11, 2024.
Eligible shareholders can subscribe for a minimum value of $5,000 worth of shares, up to a maximum of $30,000.
The offer opens Monday, August 22, 2022 and closes Friday September 9, 2022.
Supporting exploration at Panton
“This fundraising enables the company to engage in a targeted exploration program to test Panton for significant nickel-copper-PGM (platinum group metal) discoveries sitting outside of the current resource area while also ensuring that the company is fully funded to progress the scoping study on its large existing PGM-nickel resource,” Future Metals managing director Jardee Kininmonth said in a press release announcing the prior share placement offer.
Read: Future Metals to raise $5M for exploration at Panton and Scoping Study progression
The funding will be used for:
- exploration activities to test Panton’s significant nickel-copper-PGM sulphide potential;
- progress a scoping study based on the existing PGM resource;
- ongoing metallurgical test work; and
- general working capital.
Applications will be open from tomorrow, Tuesday August 23, 2022.