Paterson Resources Successful AU$1.5 million Capital Raise

Paterson Resources Limited (ASX: PSL) recently completed a successful AU$0.5 million Placement, offering 17,857,143 Placement Shares at 2.8c each, with a 12.5% discount to the 5-day VWAP. Existing top 20 shareholders and sophisticated investors strongly supported this move. For every two Placement Shares, one free attaching option was issued. These options have an exercise price of AU$0.05 and expire on November 24, 2026, subject to shareholder approval. The raised funds will be allocated towards exploration and resource drilling at the Grace Project in WA, preparing for RC drilling at the Lloyd's Copper Project in NSW, covering corporate and administrative costs, and providing ongoing working capital. The Placement Shares are expected to be issued around November 9, 2023.

Additionally, a non-renounceable Entitlement Offer is planned, issuing one Share for every ten held, at $0.028 per Share. Shareholders will also receive one Entitlement Option for every two Shares applied for. The Entitlement Offer aims to raise up to AU$1,112,424 before costs, with no shareholder approval required. The Prospectus for this offer will be lodged with ASIC and ASX around November 7, 2023. A detailed timetable for the Entitlement Offer is provided.

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