LCL Resources Raises Capital to Advance PNG Copper-Gold Projects

Highlights:

• Successful Capital Raise: LCL Resources Ltd (ASX: LCL) secures $1.99 million through a placement to professional and sophisticated investors to advance PNG copper-gold exploration.
• Strategic Investor Support: The placement includes $0.45 million from the company’s major shareholder and introduces a new cornerstone investor, reflecting strong confidence in LCL’s growth strategy.
• Focused Fund Utilization: Funds will drive exploration activities in PNG, support business development, and provide working capital, positioning LCL for significant advancement in its copper-gold projects.

LCL Resources Ltd (ASX: LCL) has successfully raised $1.99 million in a recent capital raise through a placement to professional and sophisticated investors. This capital injection is set to drive further exploration of the company’s copper-gold projects in Papua New Guinea (PNG). At the time of writing, the placement included a significant $0.45 million subscription from LCL's major shareholder, highlighting strong investor confidence and the company’s strategic focus on advancing its PNG assets.

New Investor and Major Shareholder Support

LCL’s Executive Chair, Chris van Wijk, expressed appreciation for the backing from both existing and new investors, with a new cornerstone investor joining in this placement. This capital raise was achieved at market price without additional brokerage or advisory fees, an endorsement of LCL’s strategy and the high potential of its PNG copper-gold portfolio, particularly after recent discoveries at the Dada prospect.

Placement Details

The capital raise will be completed through the issuance of 221,111,111 fully paid ordinary shares at $0.009 per share, representing an 11% discount to the company’s 15-day volume-weighted average price (VWAP). Utilizing placement capacities under ASX Listing Rules 7.1 and 7.1A, LCL plans to issue most of these shares on or around November 15, 2024. Additionally, 4,444,444 shares are allocated for directors, pending shareholder approval at the upcoming General Meeting.

Fund Utilization for Exploration and Development

Proceeds from the placement will fund further exploration of LCL’s promising PNG copper-gold projects, support business development, and provide general working capital. LCL Resources’ renewed capital base positions it for aggressive exploration and continued growth within its strategic PNG portfolio.

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