Litchfield Minerals Secures $500K Placement, Eyes $1M SPP for Drilling Push
Litchfield Minerals has successfully raised $500,000 through a targeted placement and is launching a $1 million Security Purchase Plan to fund upcoming drilling campaigns and working capital needs.
- Raised $500,000 via placement at $0.10 per share with free attaching options
- Plans Security Purchase Plan to raise up to $1 million on same terms
- Board and management subscribed $105,000, showing strong insider confidence
- Funds earmarked for end-of-year drilling campaigns and working capital
- Shareholder approval pending for Board participation and SPP options issuance
Capital Raise Details
Litchfield Minerals Limited (ASX – LMS), a Northern Territory-based explorer focused on base metals and uranium, has successfully completed a $500,000 placement at $0.10 per share. The placement included free attaching options exercisable at $0.10 until August 2027, providing investors with potential upside as the company advances its exploration efforts.
The placement was deliberately kept modest and targeted sophisticated investors, with the Board and management personally subscribing for $105,000, representing roughly 21% of the total funds raised. This insider participation signals confidence in Litchfield’s strategic direction and upcoming drilling programs.
Security Purchase Plan Launch
In addition to the placement, Litchfield is launching a Security Purchase Plan (SPP) to raise up to $1 million on the same terms as the placement, subject to shareholder approval. The SPP will allow existing eligible shareholders to participate equally, maintaining fairness and broadening the company’s capital base.
The timetable for the SPP includes opening on August 19, 2025, and closing on September 12, 2025, with a shareholder meeting scheduled mid-September to approve related party participation and option issuance. The company expects to issue placement shares and options around August 14, 2025.
Use of Funds and Strategic Outlook
Proceeds from both the placement and the forthcoming SPP will primarily fund Litchfield’s end-of-year drilling campaigns, a critical phase for advancing its exploration projects. Additional funds will support working capital requirements, ensuring operational flexibility as the company pursues its mission to unlock copper and other critical minerals sustainably.
Managing Director Matthew Pustahya emphasized the importance of securing capital on tight terms while maintaining strong insider participation. He highlighted that the funding enables the company to push ahead with planned drilling programs and offers existing shareholders an opportunity to participate on equal footing.
Looking Ahead
Litchfield Minerals continues to position itself as a pioneering explorer in the critical minerals sector, leveraging innovative and sustainable exploration techniques. The successful placement and planned SPP underscore the company’s commitment to advancing its projects while balancing shareholder interests and environmental responsibility.
Bottom Line?
With capital secured and drilling campaigns imminent, Litchfield Minerals is poised for a pivotal phase; shareholder approval and drilling results will be key next milestones.
Questions in the middle?
- Will shareholder approval for Board participation and SPP options issuance be secured without issue?
- How will the upcoming drilling campaigns impact Litchfield’s resource prospects and share price?
- What are the potential dilution effects on existing shareholders from the placement and SPP?
