Listed rare earths explorer Dreadnought Resources was raising $10 million on Friday morning, with investors sources expecting the placement to be covered before launch.
Listed rare earths explorer Dreadnought Resources was raising $10 million on Friday morning, with investor sources expecting the placement to be covered before launch.Dreadnought had Canaccord Genuity offering 167 million shares at 6¢ each, about 5 per cent of its market capitalisation.
The placement followed Dreadnought posting assay results from its first drill line at the Yin rare earth ironstone, which sits in its Mangaroon Project in WA’s Gascoyne. Yin’s JORC Resource is not until December quarter, but investors were already thinking of it as the most significant rare earths discovery since Lynas Rare Earths.
The offer price of 6¢ a share, was a 7.4 per cent discount to the last close, 1.4 per cent discount to the five-day volume-weighted average price and 0.8 per cent premium to the 10-day VWAP. Term sheet sent to potential investors said the proceeds would support drilling and other activities at Mangaroon, but also sampling at its Kimberly projects and Central Yilgarn project .co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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