Sydney, Australia – 10 July 2024 | Summit Minerals Limited (ASX: SUM) is pleased to announce the successful completion of a heavily subscribed $2.5 million equity placement. This strategic funding, supported by both existing and new institutional and sophisticated investors, will accelerate exploration and drilling programs at the Company’s 100% owned Equador Niobium and Tantalum Project in Brazil.
Key Highlights
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Heavily Subscribed Placement: The Company secured firm commitments from investors for $2.5 million at an offer price of $0.25 per share, representing a 15.3% discount to the last trading day closing price of $0.295 on 5 July 2024.
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Director Participation: All three Company Directors will participate in the placement, contributing a combined total of $100,000, subject to shareholder approval.
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Accelerated Exploration: Funds will be utilized to expedite exploration, including a maiden drilling campaign, bulk sampling, and metallurgical studies at the Equador Niobium and Tantalum Project.
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Permit Anticipation: The Company expects to receive necessary permits for trenching and drilling programs within the coming month, ensuring a swift commencement of activities.
Gower He, Managing Director of Summit Minerals, stated:
“In the two and a half months since we have announced our Brazilian portfolio acquisition, our initial exploration program has already uncovered significant prospectivity at our 100% owned Equador Niobium and Tantalum Project in Brazil. This raise was overwhelmingly supported by new and existing investors alike, and I want to personally thank everyone for their support. We look forward obtaining our permits to commence our trenching, bulk sampling, met testing and drilling programs as we look to maintain our position as the most advanced ASX listed Niobium and Tantalum exploration company in Brazil.”
Placement Details:
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Placement Size: $2.5 million
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Offer Price: $0.25 per share
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Shares Issued: 10,000,000 shares under the Company’s 7.1 capacity
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Director Participation: $100,000 (400,000 shares), subject to shareholder approval
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Lead Manager: GBA Capital
This strategic funding ensures Summit is now fully financed for the proposed drilling campaign, reinforcing the Company’s commitment to advancing its high-potential projects.
About us:
About Summit Minerals Ltd:
Summit Minerals Limited is an Australian-focused ASX-listed battery mineral exploration Company with a portfolio of projects in demand-driven commodities. It is focused on systematically exploring and developing its projects to delineate multiple JORC-compliant resources. Summit's projects include the niobium, REE and lithium projects in Brazil, Castor Lithium Project in the prolific James Bay District, Quebec, Canada; the Phillips River Lithium Project in Ravensthorpe and the Stallion Uranium Project in WA. Through focus, diligence and execution, the board of Summit Minerals is determined to unlock previously unrealised value in our projects.
For more information, visit Summit Minerals.
Contact details:
Media Contact:
Jane Morgan
Investor and Media Relations
+61 405 555 618