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Encounter Resources Limited ( (AU:ENR) ) has provided an update.
Encounter Resources Limited has completed the first tranche of a $25 million share placement, raising approximately $24.5 million through the issuance of 54,444,444 ordinary fully paid shares at $0.45 per share to unrelated parties. The second tranche, involving up to 1,111,112 shares to be issued to a company director, is pending shareholder approval. This capital raising is expected to bolster Encounter’s exploration activities and strengthen its position in the mineral exploration industry.
More about Encounter Resources Limited
Encounter Resources Limited is a leading Australian mineral exploration company focused on discovering major copper and niobium/rare earth element deposits. The company holds a portfolio of 100%-owned projects in Australia’s prospective mineral belts, targeting copper and critical minerals, with a key project being the Aileron Project in Western Australia’s West Arunta region.
Average Trading Volume: 726,753
Technical Sentiment Signal: Buy
Current Market Cap: A$225.2M
For detailed information about ENR stock, go to TipRanks’ Stock Analysis page.