Perth-based explorer Bryah Resources has received binding commitments totalling $3.95-million for a 52-million share placement the company plans to offer.
The free attaching options the company will be offering, with an issue price of $0.075 apiece and exercise price of $0.09 apiece, will expire on January 2023 and are of the same security class as existing listed options on the ASX.
The company will use the funds to advance diamond, reverse circulation and aircore drilling programmes across multiple gold and copper targets within its highly prospective Bryah basin and Gabanintha projects.
The capital raising proceeds will also fund a new round of metallurgical testwork to examine the potential for economically producing a nickel/copper/cobalt-rich sulphide concentrate byproduct from Australian Vanadium’s vanadium deposit at Gabanintha.
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