Polymetals Resources Ltd (ASX:POL) has boosted its finances by $1 million after completing a private placement to a strategic investor.
The company has today issued 4 million fully paid ordinary shares to the investor.
These shares have been issued at $0.25 per share, with no intermediation fees to be paid by the company.
This represents a 6.4% premium to the closing price on ASX of $0.235/share on December 19, 2022, and a 15.3% premium to the 30-day VWAP of $0.217/share.
Proceeds from the placement will be applied to support business development activities, Guinea gold exploration and general working capital.
Potential acquisition
Polymetals has also advised that it is in advanced discussions for the potential acquisition of an Australian project.
The company said it would update the market if this acquisition proceeded, in accordance with its disclosure obligations.