Intra Energy Corporation Limited (ASX:IEC), also known as IEC, is pleased to announce the successful completion of an A$3.6 million share placement to sophisticated and professional investors as announced to the ASX on 18 May 2023. IEC has also completed the acquisition of 100% of the Llama Lithium Project located in the prolific James Bay Region of Québec, Canada, comprising 123 mineral claims for 63km2 with reported outcropping pegmatites.
The placement involved the issuance of 720,000,000 shares at an issue price of $0.005 per Share (Placement), alongside a one (1) for two (2) free-attaching option exercisable at A$0.015 and expiring 24 months from the issue date, with Wentworth Securities acting as the lead manager to the raise.
The acquisition of the Llama Lithium Project significantly strengthens IEC's asset portfolio, providing a strategic complement to IEC’s Yalgarra Cu/Ni/PGE exploration project in Western Australia.
IEC's next steps include immediate commencement of exploration on the Llama Lithium Project. Detailed geological mapping and sampling are planned for the second half of 2023, bolstered by the use of high-resolution aerial imagery and magnetics to define high-quality targets.
Following the successful identification of targets from this initial phase, and subject to usual approvals, the Company intends to employ diamond drilling on these identified targets.
With these developments, IEC continues to underscore its commitment to responsible and efficient exploration and mining. The integration of the Llama Lithium Project into the Company's portfolio and the imminent exploration initiatives reinforce IEC's position as a significant player in the energy resources sector.
About us:
Intra Energy Corporation (ASX:IEC) is an environmentally responsible, diversified mining and energy group with a focus on battery, base and precious metals exploration to support the global decarbonisation and electrification for the clean energy future.
Contact details:
Chloe Hayes