LCL Resources Limited Raises AU$1.99 Million to Advance PNG Copper-Gold Projects

Highlights:

• Capital Raise Success: LCL Resources Limited (ASX: LCL) raises $1.99 million through a placement to sophisticated investors to fund PNG copper-gold exploration.
• Strong Investor Support: The placement includes significant participation from LCL's major shareholder and introduces a new cornerstone investor.
• Strategic Use of Funds: Funds will support further exploration of copper-gold prospects in PNG, business development, and general working capital, with no broker or advisory fees incurred.

Capital Raise to Support PNG Exploration

At the time of writing, LCL Resources Limited (ASX: LCL), a company focused on copper-gold exploration in Papua New Guinea (PNG), has successfully raised $1.99 million through a placement to professional and sophisticated investors. The funds will be primarily used to advance exploration activities at its copper-gold projects in PNG, following recent positive developments at its Dada copper-gold prospect.

Key Investor Support and Placement Details

The capital raise involved the issuance of approximately 221.1 million fully paid ordinary shares at an issue price of $0.009 per share, representing an 11% discount to the Company’s 15-day Volume Weighted Average Price (VWAP). Notably, the Company's major shareholder subscribed for $0.45 million in the placement, and a new cornerstone investor has been introduced, further strengthening LCL’s investor base.

A portion of the shares, totaling 121.1 million, will be issued under LCL's placement capacity under Listing Rule 7.1, while the remaining 95.5 million will be issued under Listing Rule 7.1A. The company also plans to issue 4.44 million shares to directors, subject to shareholder approval at the next General Meeting.

Strategic Use of Funds

The raised capital will be allocated to continue the company’s exploration efforts at its copper-gold prospects in PNG, focusing on further developing its assets and exploring new business development opportunities. In addition, the funds will help cover general working capital needs, enabling LCL to advance its strategic goals without incurring broker or external advisory fees for the placement.

This capital raise underscores the market’s confidence in LCL Resources Limited’s strategy and its growing potential in the copper-gold sector.

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