Gold

Impact Minerals to raise $6m

Tue 26 Apr 22, 11:06am (AEST)
Money 3 - Australian dollars with calculator, pen and magnifier

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Key Points

  • RRI to follow one-for-four scheme at 1.1cps with 2cps exercise price, a 27% discount to most recent price of 1.5cps
  • Partially underwritten offer ($3m) open to investors in both Australia and NZ
  • Impact is launching a Renounceable Rights Issue (RRI) targeting $6m to fund ongoing Australian gold, metals projects

Impact Minerals (ASX:IPT) is launching an RRI scheme offering one renounceable right at a price of 1.1cps for every four shares already held by eligible shareholders with an exercise price of 2cps on a two year term. 

For every two new shares, shareholders will receive one free attaching option. A target of $6m at a price of 1.1cps indicates some 545.4m new shares to be issued. This may shed light on why the price has dropped -6% today. 

The offer price of the RRI reflects a 27% discount to Impact’s most recent chart price at the end of week 16 at 1.5cps. 

The company is targeting a total of $6m to fund the completion of early-stage exploration programmes across Impact’s Australian portfolio through which Impact intends to produce commercial quantities of gold.

Arkun project electromagnetic survey first on table 

Impact’s Arkun Project located in the southern end of central WA on the Yilgarn Terrane is the first project to benefit from the raising exercise with an airborne electromagnetic (EM) survey tipped to take place halfway through the 2022 calendar year.

On its website, Impact notes the Arkun project consists of 2000 square kilometers on acreage surrounded by projects owned and managed by Anglo American Corporation. 

No previous exploration has been carried out in the region which Impact oversees and notes nickel-copper-gold anomalies confirmed in regional geochemical data. 

Trading of new shares to commence late May

Impact Minerals is seeking to see its new shares and options commence trading on the ASX by 30 May 2022. It has lodged its RRI prospectus with regulator ASIC today. 

All Directors of Impact intend to take up their full entitlement in the rights issue. 

Holders with shares purchased up to Wednesday April 27 2022 are eligible to participate in the RRI. 

The issue is partially underwritten to $3m by Mahe Capital, acting as lead manager. The $6m gross target is before costs. 

Impact Minerals' charts today
Impact Minerals' charts reflecting this morning's developments

 

Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication. Email Jon at [email protected].

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