Investors have demonstrated their belief in Bryah and its copper-gold exploration in Western Australia by committing to a $3.95m share placement.
Notably, the placement price represents a miniscule 1.06 per cent discount to the 15-day volume weighted average price of BYH shares.
Each share also includes a free attaching option that expires on 31 January 2023 and has an exercise price of 9c.
Proceeds from the placement of 52.67 million shares priced at 7.5c each will be used to fund diamond, reverse circulation and aircore drilling across multiple gold and copper-gold targets at its Bryah Basin and Gabanintha projects.
Bryah Resources (ASX:BYH) will also use the cash to fund a new round of metallurgical test work to examine the potential for economically producing a nickel-copper-cobalt rich sulphide concentrate by-product from Australian Vanadium’s (ASX:AVL) vanadium deposit at Gabanintha.
The company recently increased resources at Gabanintha by 119 per cent to 31.3 million tonnes grading 761 parts per million (ppm) nickel, 210ppm copper and 228ppm cobalt, or a contained resource of 23,770t of nickel, 6,556t of copper and 7,116t of cobalt.
It flagged plans to carry out analysis of additional drilling samples for gold and platinum group elements (PGE).
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