Constellation to raise $1.4m

Exploration company Constellation Resources will raise $1.4 million to continue exploration activities at its flagship Orpheus project in Western Australia's Fraser Range province. 

Under the two-tranche placement, the Perth-based entity will issue approximately 9.37 million new ordinary shares at an offer price of 12 cents per share, which will generate $1.125 million.

Subject to the shareholder approval, an additional $268,000 will be raised through an additional 2.23 million shares to Constellation's officers and directors.

Constellation, which has nickel and copper interests, posted a net loss after tax of $822,866 in the first half of the 2024 financial year, up from $652,520 during the prior corresponding period - while the company's cash reserves dipped from $2,415,108 to $1,639,764 during the same timeframe. 

As of 11.21am AWST, Constellation was trading at 11.5 cents per share, down 12 per cent.