Perpetual Resources Ltd (ASX:PEC) has completed a placement to raise $1.6 million for the continued advancement of Beharra Silica Sands Project in Western Australia, as well as for business development opportunities and general working capital.
Professional and sophisticated investors took up 53,333,334 of the fully paid shares at $0.03 each, while directors of the company subscribed for 8,666,667 shares totalling $260,000 of the placement proceeds, subject to shareholder approval at a meeting in November.
A total of 44,666,667 shares totalling $1.34 million will be issued on or around September 15.
Evolution Capital acted as sole lead manager for the placement.
About Beharra
Perpetual’s flagship asset, the Beharra Project, is 300 kilometres north of Perth and is 96 kilometres south of the port town of Geraldton in Western Australia.
The port of Geraldton is an established bulk material handling facility and is currently utilised for the export of bulk materials, minerals, grain and concentrates including copper, zinc, nickel, mineral sands, talc and iron ore.
Auger and aircore drilling has confirmed the presence of extensive, high-purity silica sands at Beharra. Its maiden mineral resource estimate was completed in July 2020. Subsequent rounds of bulk metallurgical testing have further improved the potential final product specifications at Beharra.
View of Geraldton Port.
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