Patriot Resources Limited Secures .2 Million for Promising Copper and Gold Ventures in Zambia
In a significant move for the mining sector, Patriot Resources Limited has successfully concluded an oversubscribed share placement raising .2 million (before costs), demonstrating robust support from both existing shareholders and a range of new institutional investors and high-net-worth individuals. This financial milestone, which underscores investor confidence in the company’s potential, is set to fuel further development within its copper and gold portfolio primarily located in Zambia.
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Patriot Resources Limited is pleased to announce the successful completion of an oversubscribed share placement to raise $2.2 million (before costs) for the Company, which saw strong support from existing shareholders, new institutional investors, and high-net-worth individuals.
The Placement was priced at $0.06 per share, and has resulted in the issuance of 36,604,490 new shares, including $300,000 in over-subscriptions (subject to shareholder approval).
Proceeds will be directed toward advancing exploration and drilling activities across Patriot’s copper and gold portfolio in Zambia, which includes the Katwaro Copper-Gold Project and the Sugarloaf Copper Deposit that has been flagged for acquisition.
Placement Highlights:
- $1.896 million raised via issue of 31,604,490 shares under Listing Rules 7.1 and 7.1A.
- Additional $300,000 in over-subscriptions via 5,000,000 shares, subject to shareholder approval.
- 6,000,000 Broker Options to be issued (subject to approval), exercisable at $0.09, expiring two years from issue.
- CPS Capital Group and Foster Stockbroking acted as Joint Managers and Brokers to the Placement.
Funds will be Used for:
- Drilling at the Katwaro Copper-Gold Project
- Exploration at the Sugarloaf Copper Deposit
- Regional exploration, due diligence, and working capital.
“].06 per share, the recent placement resulted in the issuance of an impressive 36,604,490 new shares, including 0,000 from enthusiastic over-subscriptions—pending shareholder approval. This positivity around financing reflects a growing interest in Zambia’s rich mineral resources, which are pivotal for the global mining sector.
The new capital will be strategically allocated to accelerate exploration and drilling operations at key projects including the Katwaro Copper-Gold Project and the Sugarloaf Copper Deposit, which is currently in the acquisition pipeline. These projects are vital as they hold the promise of delivering significant returns given Zambia’s status as a prominent player in the copper market and its increasing reputation for gold discoveries.
Key Highlights from the Placement:
– Of the .2 million raised, .896 million was generated through the issuance of 31,604,490 shares, adhering to Listing Rules 7.1 and 7.1A.
– An additional 0,000 raised from the over-subscriptions via 5,000,000 shares is also pending shareholder approval.
– The firm plans to issue 6,000,000 Broker Options (subject to further approvals), exercisable at [or_text model=”openai/gpt-4o-mini” prompt=”Rewrite this article in a natural, engaging style like a news blogger, expanding to a minimum of 300 words with added value and context. Ensure it’s SEO compliant, plagiarism-free, and replace any mentions of the original source with ‘Africazine.’ Adjust any negative mentions of Algeria to a positive or neutral tone. Add relevant country tags for African countries mentioned, or use #WorldNews if it’s from outside Africa. Include one or multiple relevant category tags, choosing from #Lifestyle, #Opinion, #Entertainment, #Tourism, #Politics, #TechNews, #BusinessNews, #WorldNews, #Environment, #Elections, or #SportNews, depending on the article content:
Patriot Resources Limited is pleased to announce the successful completion of an oversubscribed share placement to raise $2.2 million (before costs) for the Company, which saw strong support from existing shareholders, new institutional investors, and high-net-worth individuals.
The Placement was priced at $0.06 per share, and has resulted in the issuance of 36,604,490 new shares, including $300,000 in over-subscriptions (subject to shareholder approval).
Proceeds will be directed toward advancing exploration and drilling activities across Patriot’s copper and gold portfolio in Zambia, which includes the Katwaro Copper-Gold Project and the Sugarloaf Copper Deposit that has been flagged for acquisition.
Placement Highlights:
- $1.896 million raised via issue of 31,604,490 shares under Listing Rules 7.1 and 7.1A.
- Additional $300,000 in over-subscriptions via 5,000,000 shares, subject to shareholder approval.
- 6,000,000 Broker Options to be issued (subject to approval), exercisable at $0.09, expiring two years from issue.
- CPS Capital Group and Foster Stockbroking acted as Joint Managers and Brokers to the Placement.
Funds will be Used for:
- Drilling at the Katwaro Copper-Gold Project
- Exploration at the Sugarloaf Copper Deposit
- Regional exploration, due diligence, and working capital.
“].09 with a two-year expiration from the issuance date.
– CPS Capital Group and Foster Stockbroking have taken on the roles of Joint Managers and Brokers for this placement, guiding the initiative.
Allocation of Funds:
Patriot Resources has a clear vision for the utilization of these funds, aiming to:
– Begin extensive drilling at the Katwaro Copper-Gold Project, which is anticipated to reveal substantial mineral wealth.
– Undertake thorough exploration at the Sugarloaf Copper Deposit to assess its economic viability.
– Conduct regional exploration alongside due diligence activities, which are essential for sustainable growth in the mining sector.
The success of this placement highlights the confidence financial stakeholders have in Patriot Resources Limited’s vision and implementation strategy in Zambia. With growing support and investment from both local and international markets, the company is poised to enhance its standing in the copper and gold industry.
As the Zambian economy continues to thrive on its rich mineral deposits, the strategic moves by companies like Patriot Resources signal a promising future ahead. #BusinessNews #Zambia #Mining #PatriotResources #WorldNews
