Impact to raise $4m

Gold hopeful Impact Minerals is aiming to raise $4 million through a share purchase plan to fund exploration at is Commonwealth gold-silver-base metals project in NSW.

The West Perth-based company will issue up to 222 million shares at a price of 1.8 cents each, the stock’s five-day volume-weighted average.

Subscriptions will be for up to $15,000 of shares, while additional options with a 4 cent strike price will be attached.

Impact Minerals managing director Mike Jones said he believed the company’s drill targets had exceptional merit and he would be taking up his full allocation of shares.

“This is a significant opportunity for existing shareholders to increase their participation in upcoming drill programs at the company’s emerging Commonwealth project, where we will start drilling in June, as well as at our Broken Hill project,” he said.

“Both projects have already delivered exceptional high-grade drill results that require follow up work as well as numerous new drill targets from our ongoing work.”

“I believe the targets we are going to drill have exceptional merit.”

Shares in Impact were unchanged at 1.7 cents each at the close of trading.