Aldoro Resources Ltd (ASX:ARN) is tapping the market for $2.475 million to continue exploration at its Niobe Rubidium-Lithium Project and Narndee Nickel-Copper-PGM (platinum group metals) Project in Western Australia.
The company plans to conduct a placement of 11 million shares priced at $0.225 and has received early indications of strong support and commitment from its major shareholders.
Participants who subscribe for the shares will also receive one free unlisted ARN option for every two new placement shares. The unlisted options will have a $0.30 strike and a September 9, 2024, expiry.
Proceeds of the placement will be used to fund the third phase of a drilling program at Niobe, progress the project’s feasibility studies as well as fund geophysical surveys at the Narndee project.
Board support
The ARN board has promised to support the placement, subject to shareholder approval at the upcoming annual general meeting (AGM).
Directors Lincoln Ho and Troy Flannery are seeking to participate in the exercise. Ng plans to subscribe for $11,250 worth of placement shares at $0.225 each and Flannery for $11,250 at $0.225 each.
Xcel Capital is acting as lead manager to the placement.
About ARN
The mineral exploration and development company has a collection of nickel/copper/PGM-focused exploration projects and advanced rubidium exploration projects in Western Australia.
Initial drilling of the first of more than a dozen targets at its flagship Narndee Project has intersected nickel sulphides, which is an encouraging start to the drilling campaign.
ARN is also exploring the Niobe project, which has indicated very high grades of rubidium extending multiple kilometres.
The company’s other projects include the Cathedrals Belt Nickel Project, with a significant tenement holding surrounding St George Mining’s Mt Alexander Project, the Leinster Nickel Project and Windimurra Igneous Complex.