IPT funded to complete Pre-Feasibility Study at Lake Hope, WA
Project Name: Lake Hope & Arkun Project
Project Location: WA, Australia
Project Stage: Advanced Exploration
ProjectBank Summary:
Impact Minerals Limited (ASX: IPT) advises shareholders that it has received firm commitments from sophisticated investors for a strategic placement to raise A$3,000,000 (before costs) via the issue of 150,000,000 fully paid ordinary shares at an issue price of A$0.02 per share. The funds will be used to complete the Pre-Feasibility Study (PFS) for the Lake Hope High Purity Alumina Project in Western Australia.
Impact Minerals Highlights:
A$3 million placement supported by major shareholders to fund the completion of the PFS.
Additional funds received from the exercise of listed options (IPTOB) into shares.
Anticipated Research and Development Rebate of $395,000.
The PFS is expected to be completed by the end of the year.
Strategic endorsement of the Company's future plans by major shareholders.
Allocation of funds:
PFS costs - Lake Hope Project: $1,500,000
Exploration - Arkun Project: $500,000
General working capital: $895,340
Costs of the Placement: $104,660
MD/CEO Statement:
Dr. Mike Jones, Managing Director, commented: "We are now very well-funded to complete the Pre-Feasibility Study on our unique Lake Hope High Purity Alumina Project located here in Western Australia by the end of this year. The strong support from our major shareholders is a strong endorsement of our plan to move forward as quickly as possible with Lake Hope, and we thank them for their support. We also appreciate the support from new shareholders who have exercised our listed IPTOB options. This funding will also enable us to progress our Arkun battery and strategic metals project."
