Intra Energy Corporation Ltd (ASX:IEC) will use $850,000 raised in a two-tranche non-brokered placement to advance exploration at the Maggie Hays Hill Gold and Lithium Project in Western Australia.
The company has received firm commitments from sophisticated investors for the placement and will issue 1.7 billion shares at an issue price of $0.0005 per share.
Shares issued in connection with the placement will be fully paid ordinary shares in the capital of the company and will rank equally in all respects with the company's existing shares on issue.
As well as the work at Maggie Hays Hill, funds will be used to assess further value accretive opportunities and for general working capital.
Placement details
Tranche 1 of the placement will settle this week utilising the company’s existing placement capacity under Listing Rule 7.1 by the issue of 218 million shares, raising $109,000.
Tranche 2 is subject to shareholder approval at the company’s upcoming annual general meeting (AGM) and will raise $612,000 by the issue of 1.22 billion shares.
Directors to participate
Demonstrating their confidence in the company, all three of the company’s directors will participate in Tranche 2 for a collective amount of $129,000 by the issue of 258 million shares and this is subject to shareholder approval.
Intra Energy proposes to issue an addendum to the AGM to approve Tranche 2 of the placement, including the proposed issue to the company’s directors.
Tranche 2 of the placement is expected to settle in December 2024.