26/06/2019 - 09:52

Juniors to raise nearly $5m

26/06/2019 - 09:52

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Superior Lake Resources has raised $3.78 million via a share placement, while Conico is set to raise $1 million via a rights issue.

Superior Lake's namesake project is located in Ontario.

Superior Lake Resources has raised $3.78 million via a share placement, while Conico is set to raise $1 million via a rights issue.

West Perth-based Superior Lake said it received commitments for a placement at 1.75 cents per share, which represents a 32 per cent discount to the last trading price of 2.6 cents each.

Proceeds from the placement will be used to further advance the Superior Lake zinc project, which is located in the Canadian province of Ontario.

Specifically, this comprises of finalising the project finance process currently being managed by Orimco, securing the required permits and approvals for project development, and advancing high priority geophysical exploration targets with a drill program to take place later this year.

Superior Lake chief executive David Woodall said despite the equity market remaining difficult, the company was pleased to have received such strong support from both existing and new investors.

“With strong news flow over the coming months, including the release of the BFS, project financing, offtake negotiations as well as drilling our geophysical exploration targets identified earlier in the year, we believe the second half of 2019 will be a successful one for the company," he said.

Perth-based Conico will raise $1 million via a two-for-seven rights issue at a price of 1 cent each, a 17 per cent discount to its previous closing price of 1.2 cents.

The funds will advance its Mt Thirsty cobalt and nickel exploration project near Kalgoorlie.

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