iTech Minerals has raised $1.4 million through a Share Purchase Plan, exceeding its $1 million target, to fund key drilling projects in the Northern Territory alongside a recent $2 million placement.
- Share Purchase Plan raised $1.4 million, surpassing $1 million target
- No scale back on 28.05 million new shares issued at $0.05 each
- Combined $3.4 million raised including recent $2 million placement
- Funds allocated to drilling at antimony-gold and gold-copper prospects
- Exploration focused on Reynolds Range, Sabre, Falchion, Pine Hill, and Reward projects
Strong Shareholder Support Drives Capital Raise
iTech Minerals Ltd (ASX, ITM) has successfully completed its Share Purchase Plan (SPP), raising $1.4 million; well above the initial $1 million target. This strong shareholder backing complements a recent $2 million placement to sophisticated and institutional investors, bringing the total capital raised to $3.4 million. The company announced that all applications under the SPP will be accepted in full, with no scale back, issuing 28.05 million new shares at $0.05 each, the same price as the placement.
Funding Exploration in the Northern Territory
The fresh capital will be directed towards advancing iTech’s exploration programs across several promising prospects in the Northern Territory. Key targets include antimony-gold drilling at Sabre and Falchion, as well as gold and copper exploration at Pine Hill and Reward within the Reynolds Range project area. The company also plans to undertake detailed magnetic surveys and soil sampling to refine drill targets, a critical step in unlocking the potential of these mineral-rich sites.
Strategic Positioning for Growth
Managing Director Michael Schwarz expressed gratitude for shareholder support, highlighting that the capital raise positions iTech well to continue its exploration momentum. The Reynolds Range region has been a focal point for the company’s efforts, and this funding injection will enable sustained drilling and evaluation activities. With 238.9 million ordinary shares now on issue, the company is well-capitalized to pursue its growth strategy in the competitive gold and antimony sectors.
Looking Ahead
While the immediate impact of the capital raise is clear, the market will be watching closely for results from the upcoming drilling campaigns. Success in defining new mineral resources could significantly enhance iTech’s valuation and attract further investment. However, exploration outcomes remain inherently uncertain, and the company’s ability to convert these prospects into economically viable deposits will be the ultimate test.
Bottom Line?
iTech’s strong capital raise sets the stage for critical drilling results that could redefine its Northern Territory prospects.
Questions in the middle?
- What are the expected timelines for drilling results from the funded projects?
- How might exploration success at Reynolds Range impact iTech’s market valuation?
- Will further capital raises be necessary if initial drilling results are promising?