Australian exploration company, King River Resources Limited (ASX: KRR) has received firm commitments for a placement of 66,666,669 shares at $0.03, in addition to one free attaching option for every two shares issued. The Company is targeting to raise $2 million from professional and sophisticated investors.
The exercise price of options is $0.06 with an expiry date of 31 July 2022.
The Company plans to utilise the funds raised for advancing the gold exploration programmes at Mt Remarkable and Tennant Creek projects.
It is expected that placement shares will be issued by 27 July 2020, and the placement options, on or around the same time, as the Security Purchase Plan options are to be issued.
On 17 July 2020 (AEST 01:37 PM), KRR stock was trading upward by 3.03% to $0.034.
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Find out the drivers for the rise in cannabis stock rates Even though the cannabis sector is in its growing phase, Australian cannabis stocks have already started to rise actively due to a hastily increasing patient base, and a legislative landscape that is gradually beginning to liberalise.
Outreach and future of cannabis stocks As countries liberalise regulation for medical and recreational use of cannabis, it is predicted that the industry would grow sharply in upcoming years The global cannabis market stands currently at around $8 billion and it is expected that the hemp derived CBD market to hit approximately $22 billion by 2022.
Key Players in the sector Althea Group Holdings Limited (ASX: AGH) and Cann Group Limited (ASX: CAN) are amongst the top players. Other Australia cannabis market players are- MGC Pharmaceuticals Ltd (ASX: MXC), Elixinol Global Limited (ASX: EXL), THC Global Group Limited (ASX: THC), AusCann Group Holdings Limited (ASX: AC8)