Power Minerals Limited announced to raise AU$5.5 million via placement

Power Minerals Limited (ASX: PNN) announced that it had received firm commitments from institutional and sophisticated investors to raise AU$5.5 million via placement. The placement includes the issue of approx. 10,576,924 fully paid ordinary shares at AU$0.52 per new share. The issue price denotes a 10% discount on the 10-day Volume Weighted Average Price.

The proceeds from the placement will be used to fund work programs at the Salta Lithium Project, where Resource definition drilling is due to start this month, and to fund the Eyre Peninsula Kaolin-Halloysite Project and Musgrave Nickel-Copper-Cobalt-PGE Project. After completion of the placement, the company will have a strong cash balance of AU$8.27 million to fully fund the next phase of work programs across the project portfolio.

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