Polymetals raises A$35m for Australian silver and zinc mine
ASX-listed Polymetals Resources has announced a A$35-million capital raise as it continues to advance its Endeavor silver/zinc mine in New South Wales.
The company has received commitments for a single-tranche placement of 43.75-million new shares at A$0.80 a share.
“We are extremely grateful for the support shown to Polymetals from both our existing shareholders and the new investors we now welcome to the Polymetals share register,” said executive chairperson Dave Sproule.
He stated that activities remained on track for Endeavor to produce its first silver and zinc in the first half of the year. “Timing is particularly encouraging against the backdrop of strong Australian dollar zinc and silver prices and the favourable treatment terms currently available to zinc concentrate producers.”
Further, Sproule said that, during the past two years, collation and validation of 50 years of exploration data had identified numerous near mine and regional exploration targets.
“Alongside our measured approach to testing of the Carpark prospect to the immediate south of the Endeavor mine, we have been building our exploration team with practical experienced staff to advance to testing high priority targets. As well as strengthening the Polymetals balance sheet, funds from this raising will allow us to significantly step up the company’s exploration activities and we look forward to updating the market on our exploration results,” said Sproule.
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