Encounter Resources Limited (ASX: ENR) has successfully raised AU$10 million through a share placement priced at AU$0.25 per share. The placement received firm commitments from professional and experienced investors. The funds raised will be used to accelerate exploration programs in the West Arunta region of Western Australia, where Encounter's Aileron IOCG and Critical Minerals Project is located.
The company aims to explore potential copper and critical minerals deposits in the area, which has shown high prospectivity for such resources. Diamond drilling is currently underway at the Caird, Crean, and Worsley targets, with initial results expected in June-July 2023. In addition to the West Arunta project, the funds will support copper, rare earth elements (REE), and lithium exploration at Encounter's projects in the Northern Territory and Western Australia. General working capital and offer costs will also be covered by the raised funds.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
