Balkan (ASX:BMM) turbocharge Gorge lithium hunt
Balkan Mining and Minerals is to expedite its exploration of the Gorge Lithium project in Canada by investing $1.47 million, which includes a notable contribution of $170,000 from esteemed director Mr Karl Simmich.
The Company issued 8,647,059 new fully paid ordinary shares at $0.17 per share through a Placement, raising $1.3 million.
The funds will be used for a diamond drill program at the Gorge Lithium Project in September 2023.
The program will test promising targets at Koshman and Nelson for high-grade spodumene-bearing pegmatites. Soil sampling shows up to 110.5 ppm Li, correlating with Cs, Ta, and Sn, confirming the existence of LCT-type pegmatites causing surficial geochemical anomalies.
“The support shown by both new investors and BMM’s recently appointed Director, Karl Simich, validates the strong potential of the Gorge Project and the great work performed by our technical team over the last 12 months,” Balkan Managing Director Ross Cotton said.
“We look forward to completing our site works and commencing our drill campaign at the highly prospective Gorge Project, which has delivered encouraging rock, soil and channel samples.
“We welcome our new shareholders and thank all our existing shareholders for their support since our IPO in July 2021.”
Shareholder approval is needed for 1 million shares subscribed to by Director Karl Simich.
ABOUT THE PLACEMENT
Shaw and Partners Limited recently served as the Sole Lead Manager for a capital-raising effort. As compensation, they will receive a fee equal to 6% of the gross amount raised and 3,000,000 unlisted new options. These options have an exercise price of $0.30 each and an expiry date of 3 years from issuance. However, the distribution of these options is contingent on shareholder approval at the Company’s 2023 Annual General Meeting (AGM), which ASX Listing Rule 7.1 requires.
BAYAN FPO [BMM]
$0.085