Deal proceeds will be used to complete lease acquisitions for projects
By Devika Patel
Knoxville, Tenn., Nov. 16 - Ethan Minerals Ltd. said it concluded a private placement of shares. Macquarie Private Wealth arranged the placement; Auvex Resources Ltd. was the investor.
The company sold 10,773,037 ordinary shares at A$0.195 per share for A$2.1 million. The price per share represents a 2.5% discount to the Nov. 15 closing share price of A$0.20.
Proceeds will be used to complete the lease acquisitions for the Manganese and Copper/Gold Projects in Zambia and the Mary Springs lead project in Western Australia.
"We are pleased to announce the successful raising of additional capital in order to further progress and develop our international Projects in Zambia and in Western Australia," executive director Ken Fitzgerald said in a press release. "This share placement should enable us to fast track the restoration of the Kampumba Mine to enable cash flow to result from the sales of Manganese.
"We look forward to updating our shareholders as we progress further in our endeavors to commercialize our offshore operations as well as the Australian projects."
Ethan Minerals is a Victoria Park, Australia, mineral exploration company.
| Issuer: | Ethan Minerals Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$2,100,742
|
| Shares: | 10,773,037
|
| Price: | A$0.195
|
| Warrants: | No
|
| Agent: | Macquarie Private Wealth
|
| Investor: | Auvex Resources Ltd.
|
| Settlement date: | Nov. 16
|
| Stock symbol: | Australia: ETH
|
| Stock price: | A$0.195 at close Nov. 16
|
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