Dreadnought Resources announces a AU$20 million placement

Dreadnought Resources Limited (ASX: DRE) announced that it has received firm commitments from institutional and sophisticated investors, both domestically and offshore to raise AU$20 million. The placement includes the issue of approx. 200 million fully paid ordinary shares at an issue price of AU$0.10 per new share. The issue price denotes a 9.1% discount to the last closed price on 27 January 2023, a 2.1% premium to the 5 day VWAP and a 1.9% premium to the 10 day VWAP.

The placement's proceeds will be put to use advancing Dreadnought's portfolio of projects, with a particular emphasis on bringing numerous REE discoveries and resource upgrades to Mangaroon. In the last six months, according to the company, the project has become a key metals project of the highest calibre on the planet. At the C3 carbonatite, it has already located a supply of regional rare earths, and it may make other discoveries in the future.

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