Perth, Australia – 9 October 2024 | Zenith Minerals Limited (ASX: ZNC) (“Zenith” or “the Company”) is pleased to announce the successful completion of a A$1.44 million placement to professional and sophisticated investors. This placement will enable Zenith to advance drilling activities at its Dulcie Far North and Red Mountain projects.
Highlights:
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A$1.44 Million Raise: The Company has secured firm commitments from new and existing professional and sophisticated investors, raising A$1.44 million (before costs) through a placement at an issue price of A$0.045 per share.
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Director Participation: Directors of Zenith have committed to contribute A$125,000 to the placement, subject to shareholder approval at the Annual General Meeting (AGM) on 25 November 2024.
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Share Purchase Plan (SPP): Zenith will also launch a Share Purchase Plan (SPP) to raise up to an additional A$500,000, offering eligible shareholders the opportunity to participate on the same terms as the placement.
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Use of Funds: Proceeds from the placement and SPP will be used to fund drilling programs at Dulcie Far North and Red Mountain, aimed at expanding existing resources, along with working capital and placement costs.
Andrew Smith, Managing Director of Zenith Minerals, commented: "We are grateful for the strong support from both new and existing investors, which we believe shows confidence in our strategic focus on expanding the resource base at Dulcie Far North and Red Mountain. These funds will allow us to accelerate drilling activities and take critical steps towards realising the potential of these key assets. We are committed to advancing our projects and delivering value for our shareholders”.
Placement Details:
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Issue Price: The new shares will be issued at A$0.045 per share, representing a 2.2% discount to the last closing price of A$0.046 on 4 October 2024.
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New Shares: The placement will result in the issuance of up to 32,000,000 new shares, which will rank equally with the existing fully paid ordinary shares.
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Settlement Date: Settlement of the new shares is expected to occur on or around 15 October 2024.
Share Purchase Plan (SPP):
Following the placement, Zenith will offer eligible shareholders the opportunity to participate in an SPP to raise up to A$500,000, at the same issue price of A$0.045 per share. The SPP opens on 16 October 2024 and will close on 30 October 2024, with the Company reserving the right to scale back applications if demand exceeds the target.
Andrew Smith
Managing Director
Zenith Minerals Limited
info@zenithminerals.com.au
Jane Morgan
Jane Morgan Management
jm@janemorganmanagement.com.au
About us:
About Zenith Minerals Limited:
Zenith Minerals Limited is an Australia-based mining exploration company. The Company is focused on minerals containing lithium and related metals required for rechargeable lithium-ion batteries for electric vehicles and renewable energy storage. It also has a portfolio of gold and base metal deposits located in Western Australia and Queensland. Its projects are Split Rocks Lithium-Tantalum Project, Waratah Well Lithium-Tantalum Project, Hayes Hill Lithium - Nickel Project, Split Rocks Gold Project, Red Mountain Gold-Silver Project and Earaheedy Zinc Project. The Split Rocks Project is located approximately 40 km south of the regional town of Marvel Loch in the Goldfields Region of Western Australia. The Waratah Well project is located over 20 km northwest of the regional town of Yalgoo in the Murchison Region of Western Australia. The Hayes Hill project consists of four granted exploration licences in a highly mineral prospective corridor north of Norseman in Western Australia.
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
jm@janemorganmanagement.com.au
