iTech Raises $2M at 5 Cents per Share, Plans $1M Share Purchase Plan
iTech Minerals has successfully raised $2 million through a placement and plans a $1 million Share Purchase Plan to fund exploration at its Reynolds Range Project, targeting high-grade antimony and gold.
- Raised $2 million via placement at 5 cents per share
- Proposed Share Purchase Plan to raise up to $1 million
- Funds allocated for drilling and surveys at Reynolds Range, NT
- Drilling scheduled for late October to early November 2025
- Strong support from institutional, sophisticated, and existing investors
Successful Capital Raise
iTech Minerals Ltd (ASX – ITM) has announced a successful placement raising $2 million through the issuance of 40 million new shares priced at 5 cents each. The placement attracted strong backing from a mix of institutional, sophisticated, and existing shareholders, underscoring confidence in the company’s exploration strategy.
Alongside the placement, iTech has proposed a Share Purchase Plan (SPP) aimed at raising up to an additional $1 million from eligible shareholders. This SPP offers shareholders the opportunity to increase their holdings at the same price as the placement, without brokerage fees, with the company retaining discretion to scale back applications if oversubscribed.
Funding Exploration at Reynolds Range
The capital raised will be directed primarily towards advancing exploration activities at the Reynolds Range Project in the Northern Territory. This project is notable for a substantial 6km by 2.5km antimony soil anomaly, which has yielded promising high-grade antimony and gold targets.
Planned work includes drilling at key prospects such as Sabre and Falchion for antimony-gold, as well as Pine Hill and Reward prospects for gold and copper. Complementary geophysical surveys and soil sampling will help refine drill targets ahead of the scheduled drilling campaign set for late October to early November 2025.
Strategic Implications
Managing Director Mike Schwarz highlighted the significance of this funding round, emphasizing the potential of the Reynolds Range Project’s mineralised system. The company’s ability to secure funding at a modest discount to recent trading prices reflects investor appetite for exposure to antimony and gold exploration, commodities with growing strategic importance.
With drilling imminent, iTech is positioned to deliver critical data that could materially enhance the project’s valuation and investor interest. The success of the SPP and subsequent exploration results will be key near-term catalysts to watch.
Bottom Line?
iTech’s fresh capital injection sets the stage for a pivotal drilling campaign that could redefine its Northern Territory prospects.
Questions in the middle?
- What initial results will the upcoming drilling at Reynolds Range reveal about resource potential?
- How will the company manage potential oversubscriptions in the Share Purchase Plan?
- What is the broader market outlook for antimony and gold that underpins investor interest?
