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Desert Metals Ltd. ( (AU:DM1) ) just unveiled an update.
Desert Metals Limited has completed the second tranche of its previously announced capital raising, issuing 128.3 million new shares at $0.0065 each to institutional, sophisticated and existing investors, bringing total proceeds from the placement to $1.25 million before costs. As part of the transaction, the company has also granted 45 million options exercisable at $0.013 and expiring on 30 June 2027 to CPS Capital Group and its nominees as compensation for lead manager and brokerage services, with the share and option issues approved at a recent general meeting and accompanied by a cleansing notice to ensure the new securities can trade freely under Australian corporate law, providing Desert Metals with additional funding flexibility to advance its West African gold exploration portfolio.
The most recent analyst rating on (AU:DM1) stock is a Sell with a A$0.01 price target. To see the full list of analyst forecasts on Desert Metals Ltd. stock, see the AU:DM1 Stock Forecast page.
More about Desert Metals Ltd.
Desert Metals Limited (ASX: DM1) is a gold exploration and development company focused on Côte d’Ivoire in West Africa, where it holds rights to earn majority interests in three gold projects spanning 1,074km² of granted mineral permits and applications. The company has already secured an 80% interest in the Tengrela South project, located 30km south of the operating Sissingué gold mine, and an 80% interest in the Adzope gold project in the south of the country, under low-cost joint venture arrangements.
Average Trading Volume: 866,246
Technical Sentiment Signal: Sell
Current Market Cap: A$5.75M
Learn more about DM1 stock on TipRanks’ Stock Analysis page.