Silver CityMinerals Ltd. said May 30 that it will raise A$785,000 in aplacement of shares to sophisticated investors and another A$500,000 via ashare purchase plan to shareholders for total proceeds of up to C$1.3 million.
The company will issue 17,445,090 new ordinary shares at 4.5cents each in the placement. Participant will also receive a 1-for-2 freeattaching option, which expires in three years, exercisable at 6.7 cents each.
Meanwhile, eligible shareholders can apply for up toC$15,000 worth of shares in the share purchase plan which will open June 6 andwill close June 27.
Proceeds will be used to fund an exploration program forlithium at the Broken Hillsilver project in New South Wales. Field work is scheduled to begin soon.