iTech Minerals Prices Share Purchase Plan at 5 Cents, Targeting $1 Million Raise
iTech Minerals has announced a $2 million equity raise, including a $1 million Share Purchase Plan offering shares at a 14.2% discount to fund key mineral exploration projects and working capital.
- Share Purchase Plan targets $1 million with $0.05 per share price
- 14.2% discount to recent five-day volume weighted average price
- Funds allocated to drilling and surveys at antimony-gold and gold-copper prospects
- Maximum subscription of $30,000 per eligible shareholder
- Plan is optional, non-underwritten, and subject to scale-back if oversubscribed
Equity Raise to Support Exploration Ambitions
iTech Minerals Ltd (ASX, ITM) has unveiled a $2 million equity raising initiative, featuring a Share Purchase Plan (SPP) aimed at raising up to $1 million. The capital injection is designed to accelerate exploration activities and provide working capital to the company. Eligible shareholders in Australia and New Zealand are invited to participate by purchasing new shares at a discounted price of 5 cents each, representing a 14.2% discount to the recent market price.
Discounted Share Offer and Participation Details
The SPP allows shareholders to subscribe for new fully paid ordinary shares without brokerage fees, with a minimum investment of $2,500 and a maximum of $30,000. The offer price aligns with the recent placement price and is set to encourage shareholder participation. The company reserves the right to scale back applications or close the plan early if demand exceeds the $1 million target, ensuring flexibility in managing the capital raise.
Focused Funding for Key Projects
Funds raised will be directed towards advancing drilling programs at the Sabre and Falchion antimony-gold prospects, as well as the Pine Hill Gold and Reward Gold-Copper prospects within the Reynolds Range. Complementary activities such as detailed magnetic surveys and soil sampling will help define new drill targets, underpinning the company’s commitment to expanding its mineral resource base.
Governance and Shareholder Engagement
The SPP is non-underwritten, emphasizing the company’s confidence in shareholder support. Shares issued under the plan will rank equally with existing shares and will be listed on the ASX. The offer is strictly limited to shareholders registered by the record date with addresses in Australia or New Zealand, reflecting compliance with regulatory requirements and foreign securities laws.
Next Steps and Investor Considerations
Shareholders are encouraged to carefully review the terms and conditions before participating. The company highlights the speculative nature of shares and advises consultation with financial advisors. Applications must be submitted by 23 September 2025, with allotment and ASX quotation expected shortly thereafter. The success of this capital raise will be a key factor in funding iTech’s exploration ambitions in the coming months.
Bottom Line?
iTech’s SPP sets the stage for intensified exploration, but investor appetite and market conditions will ultimately shape its impact.
Questions in the middle?
- Will the SPP reach its $1 million target or face scale-back due to oversubscription?
- How will the market respond to the discounted share issue amid current price volatility?
- What early results from the funded drilling programs might influence share performance?
