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Base-metals and lithium explorer, Silver City Minerals Limited (ASX:SCI) announced the completion of share issue under the $0.57 million share placement stated on 21 December 2018. In todayâs market release, Silver City told that it had issued 47,500,000 shares at a 1.2 cents issue price per share.
The company stated that the issue price represents the minimum acceptable discount which is no less than 25% of its 15-trading day VWAP of Silver Cityâs shares. Also, no underwriting arrangements applied to the placement issue told the company.
The capital proceeds raised through placement is intended to be utilized in the funding of RC and RAB drilling as well as ground geophysics to be undertaken at the Copper Blow Project located near Broken Hill region of New South Wales.
As per the recent announcement, the company has completed around 8,000m of drilling at Copper Blow. The drilling has been reportedly focused at the southwestern 1 kilometer of an ironstone zone which extends for more than 4.5 kilometers. The drill hole intersection has discovered high-quality gold and copper mineralization in that area. The most recent drilling results include 31 meters at 1.0% copper and 0.26 g/t gold.
Silver City eyes this project to be a new Iron Oxide Copper Gold (IOCG) discovery in Broken Hill region. Moreover, the funds raised via placement allows the company to Drill new targets within the ironstone to the northwest of Copper Blow, evaluate the resource at Copper Blow and identify new targets using widespread RAB geochemistry and ground geophysics. The company further intends to commence 600-hole RAB and 2000 meter RC geochemical drilling program and gravity surveys by February 2019.
Empire Capital Partners Pty Ltd acted as a lead manager to the Placement. Silver City told that the fees payable includes $10,000 first manager fee, 6% on the total amount raised in the Placement and the issue of 3 million options exercisable at 3 cents per option at any time within three years from the date of issuance, subject to shareholderâs approval.
Based in Australia, Silver City Minerals is a precious and base metals explorer. The company focuses on the development and exploration of highly prospective silver, gold and base-metal projects across the Broken Hill region of New South Wales, Australia. The Copper Blow is a joint venture project between CBH Resources Ltd and Silver City Minerals. SCI holds 75% interest in the project while CBH holds remaining ownership.
In todayâs trading session, 2 January 2019, SCI shares traded flat. Its last traded share price is $0.014 with a PE ratio of 70.00 x and a market capitalization of $3.45 million. Over the past 12 months, the stock has fallen 48.15% including a plunge of 44% in the last month.
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