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Desert Metals Ltd. ( (AU:DM1) ) has provided an update.
Desert Metals Limited has opened a fully underwritten, pro-rata non-renounceable entitlement offer of up to 325,376,901 new options to existing eligible shareholders. The options are priced at $0.001 each, exercisable at $0.015 on or before 31 December 2027, and the offer aims to raise up to approximately $325,377, with notices and offer details now dispatched.
The company plans to use the proceeds to fund ongoing aircore drilling at the Tiogo and Kakalogo gold prospects on the Tengrela South permit in northern Côte d’Ivoire, as well as for working capital and offer costs. The structure and underwriting of the offer provide funding certainty for Desert Metals’ exploration programs while giving current shareholders the opportunity to increase their exposure to the company’s West African gold portfolio.
More about Desert Metals Ltd.
Desert Metals Limited is an ASX-listed gold exploration and development company focused on West Africa. It holds or can earn majority interests in three gold projects spanning 1,074km² of mineral permits and applications in Côte d’Ivoire, including 80% stakes in the Tengrela South and Adzope projects near existing gold mining operations.
Average Trading Volume: 1,887,081
Technical Sentiment Signal: Sell
Current Market Cap: A$5.21M
See more insights into DM1 stock on TipRanks’ Stock Analysis page.