Boab raises A$50m for Sorby Hills
ASX-listed Boab Metals has raised A$50-million through a two-tranche placement to professional and sophisticated investors to fund the development of its Sorby Hills silver/lead project in Western Australia.
The funds will go toward early development works, acquiring the remaining 25% interest in Sorby Hills, meeting the final investment decision (FID) payment for the DeGrussa plant acquisition, and general working capital.
“We are delighted with the support for the placement, with demand received well in excess of funds sought,” said MD and CEO Simon Noon. “Funds raised from the placement will allow us to rapidly advance the Sorby Hills project with early development works, alongside acquiring the remaining 25% of the asset and meeting our obligations in funding the DeGrussa plant acquisition.”
The placement comprises 125-million new shares priced at A$0.40 each, representing an 11.1% discount to the five-day volume-weighted average price. The offer will be split into two tranches: an initial A$5-million placement under Boab’s existing capacity, followed by a A$45-million issue subject to shareholder approval at the company’s AGM in November.
Boab expects the first tranche to settle on October 20 and the shares to be issued around October 21. The second tranche will be issued following shareholder approval.
The Sorby Hills project, located 50 km from Kununurra in Western Australia’s East Kimberley, is 75% owned by Boab, with the remaining 25% held by Henan Yuguang Gold & Lead Co. Boab holds an option to acquire Yuguang’s stake upon reaching an FID.
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