ASX listed Sultan Resources secures $2.4 million funding for LFB Projects

October 28, 2020 03:38 PM AEDT
Team Kalkine

Sultan Resources Limited (ASX: SLZ) secures firm commitments worth almost $2.4 million (before costs) via a share placement from sophisticated and institutional investors. The share placement offers 10,909,091 fully paid ordinary shares at an attractive issue price of $0.22 a share.

The funds raised will be utilised towards the drilling campaign at the Lachlan Fold Belt tenure (Tucklan and Big Hill) and progressing on the Lake Grace Project in Western Australia. The drilling program at Tucklan is scheduled to commence in mid-November.

Sultan Resources traded at $0.270 a share on 28 October 2020 with a market capitalisation of $15.82 million.

All financial information pertains to Australian Dollar unless stated otherwise.

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