Hammer Metals Ltd says it has received binding commitments to raise five million dollars in new shares to new and existing shareholders.
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Hammer will also launch a Share Purchase Plan to existing shareholders to participate at the same issue price as the placement, to raise up to an additional million dollars with director Ziggy Lubieniecki committed to taking up to $500,000 of shortfall in the SPP.
The six million combined funding allied to existing cash reserves will enable Hammer to fund an aggressive exploration program in Mount Isa, including RC and diamond drill testing of high priority 'Trafalgar look-alike' targets at Hammer's 100% owned copper-gold targets at Lakeview, Neptune, Serendipity, Kings, Alice and Charlotte;
It will also allow potential extension and infill drilling at Sunset, Black Rock and Overlander to define and extend JORC compliant resources and near field exploration at Kalman
Hammer told the ASX it had scheduled a RC drill program to commence in Mount Isa by the end of April.
Hammer's Managing Director Daniel Thomas said they were delighted with the outcome of the Placement that was well supported by existing shareholders and a number of new institutional investors.
"With the recent success drilling Copper-Gold targets in Mount Isa, we are excited to continue the momentum by accelerating exploration efforts throughout the remainder of 2021," Mr Thomas said.
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