Pioneer Resources Limited is pleased to advise that it has successfully completed a bookbuild and received commitments from institutional and sophisticated investors pursuant to section 708 of the Corporations Act (Cth) to raise A$1.3 million (before issue costs) via a placement of 92,857,142 shares at an issue price of 1.4 cents ($0.014) per share. As part of this raising Pioneer welcomes multiple new institutional resource funds to its register.
The offer price of 1.4 cents per share represented a 12.5% discount to the Company’s 5 day VWAP. Funds raised (after issue costs) will be used to:
- Undertake additional exploration and drilling for caesium and lithium at the Pioneer Dome Project;
- Incremental funding for commercialisation of the Sinclair Caesium Zone;
- Exploration at the Company’s other projects; and · Provide general working capital for the Company.
The issue of shares under the Placement is not subject to shareholder approval and will fall within the Company’s existing 15% capacity under ASX Listing Rule 7.1. Completion of the Placement is expected to occur on or around 18 September 2017 and the Company will apply for quotation of the new shares on ASX, which will rank equally in all respects with the Company’s existing fully paid ordinary shares on issue.
New Holland Capital Pty Ltd acted as the Lead Manager to the Placement.
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