Strickland Metals to raise AU$4.0 million via Placement and announces Share Purchase Plan

Strickland Metals Limited (ASX: STK) announced that it is raising AU$4.0 million via a placement to institutional and sophisticated investors. The placement comprised the issue of approx. 80,000,000 fully paid ordinary shares at an issue price of AU$0.165 per new share, and the issue price represents a 13.1% discount from the last closing price of AU$0.05 per share, and the issue price represents a 15% discount to the 15-day VWAP of AU$0.059 and a 12% discount to the last closing price of AU$0.057.

In addition to the placement, the company will offer present eligible shareholders the chance to contribute in a non-underwritten SPP to raise up to an additional AU$3.0 million.

Fund raised via placement & SPP will be used:

• To support the addition of a third rig at Millrose after outstanding gold results during the company’s 2022 drilling campaign.
• Continuation of exploration drilling at the Iroquois Zn-Pb discovery in the Earaheedy Basin
• Costs associated with the Placement and SPP and for working capital needs

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