Desert Metals raises AU$2.5 million to expand drilling on its REE discovery

Desert Metals Limited ASX:DM1) announced that it had received binding commitments from institutional and sophisticated investors to raise AU$$2,500,000 through the placement. The placement includes the issue of approx. 9,259,260 fully paid ordinary shares at AU$0.27 per new share.

Proceeds from the placement will be used for the company’s exploration activities, mainly at the Innouendy Project, where a follow-up 10,000-20,000m air core drilling program is scheduled to define and increase its 100% owned REE discovery. Also, a significant program of leachability assays, ore characterisation, and metallurgical test work to further advance economic parameters for the rare earth project is also scheduled.

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