Lunnon Metals raising $20.5m; Euroz, Argonaut on ticket
Western Australia gold and nickel explorer Lunnon Metals was drumming up interest in a $20.5 million equity raising on Tuesday to bankroll work at its projects including Silver Lake-Fisher.
Lunnon Metals was raising $20.5 million on Tuesday.
The cash call was split into an $18 million two-tranche institutional placement, which would be followed by a $2.5 million share purchase plan. The offer was priced at 90¢ a share or a 10 per cent discount to Lunnon’s last traded price.
A term sheet sent to potential investors said the proceeds would fund drilling programs at Silver Lake-Fisher and Fisher-Baker projects across a range of targets. The raise would also fund full 3D seismic survey at the Long South Gap target.
Euroz Hartleys and Argonaut Securities were the joint lead managers and called for bids into the placement by 6pm Tuesday.
Lunnon has a $196.5 million market capitalisation before the raise.
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