ABM plans $1m capital raising

Nedlands-based ABM Resources Ltd will raise $1 million via a share placement to fund evaluation works at its suite of projects.

The company said it has reached in-principle agreement with Blackwood Capital Ltd to raise gross funds of up to $1 million through the issue of over 84 million shares at 1.2 cents each.

The placement will have a one-for-five free attaching unlisted option with an expiry period of two years and an exercise price of 2c. The options are subject to shareholder approval.

Blackwood said it has received firm commitments for the total placement and funds are expected to be received by Wednesday.