AU$3.71 million placement to progress niobium and gold exploration

Dreadnought Resources Limited (ASX: DRE) is set to raise AU$3.71 million (before costs) through a placement to institutional and sophisticated investors, with shares offered at AU$0.018 each. The placement consists of 194,444,445 new fully paid ordinary shares, representing a 10% discount on the last trade price and a 16.5% discount on the 5-day VWAP. Completion is anticipated around 8 August 2024.

Additionally, the Directors will invest AU$210,000, increasing their total commitment to AU$6.81 million, pending shareholder approval at the November 2024 Annual General Meeting. This funding will support niobium drilling at Gifford Creek, gold drilling at Mangaroon, and general working capital. Managing Director Dean Tuck thanked all shareholders for their continued support as the company advances its exploration activities.

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