Polymetals Resources Ltd’s existing shareholders and new investors have given firm commitments to raise $35 million in equity capital to support the restart of the Endeavor Mine.
The company issued 43.75 million new shares in a single tranche placement to raise $35m at $0.80.
The placement was strongly supported by existing and new domestic and offshore sophisticated, professional and institutional investors.
Polymetals’ executive chairman Dave Sproule said they were extremely grateful for the support and the funding will ensure Endeavor’s restart activities remain on track.
“The Polymetals team look forward to commissioning the operation to become Australia’s next silver and zinc producer,” Mr Sproule said.
