Krakatoa Resources (ASX:KTA) has today confirmed its receipt of firm commitments from sophisticated investors for $5m by way of 50m ordinary shares at 10cps to fund its ongoing exploration works at Mt. Clere.
The funds will be used to continue works at the WA Mt. Clere site in the eastern Gascoyne where other players are currently exploring for lithium and other key materials.
Earlier this month, the company announced it had executed 39 aircore hole drills which included 15 metres at 1,395ppm rare earth oxides from 16m and 1130pm at 12 metres.
It is conducting an ongoing assaying program at its Mt. Clere acreage, dubbed the ‘Tower’ project. Krakatoa shares doubled on the news earlier this month, and were up 4.17% an hour out from the open today.
Alto capital acted as Lead Manager to the placement offer and shares offered will confirm with corporations act guidelines as well as ASX listing rule 7.1
Krakatoa chairman Colin Locke expressed his thanks to Alto.
“We wish to thank Alto Capital for their outstanding services,” Locke commented.
“We also thank existing shareholders and new investors for strong support and confidence in our ability to further major discoveries.”
The company adds today its Board has approved an issue of 5m options to CEO Mark Major with options exercisable at 15cps on or before November 29 2023.
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