Pivotal completes increase for Horden Lake purchase

PERTH (miningweekly.com) – ASX-listed Pivotal Metals, beforehand often called Rafaella Assets, has accomplished a A$4.3-million capital increase to finish the acquisition of the Horden Lake polymetallic/battery metals deposit, in Quebec.

Pivotal in September struck a deal to amass the Horden Lake polymetallic/battery metals deposit from vendor Gestion Ora-Mirage Ltée, beneath which Pivotal would pay C$4-million, of which C$400 000 could be a non-refundable deposit and the stability could be payable inside 90-days of signing.

Gestion Ora-Mirage Ltée would additionally obtain a 1% internet smelter return.

Pivotal has now positioned 77.8-million shares at a value of 4.2c every, elevating an preliminary A$3.3-million. The location value represented a 12.5% low cost to Pivotal’s final buying and selling value and a 7.7% low cost to the corporate’s five-day quantity weighted common share value.

The shares had been positioned beneath the corporate’s current placement capability, and the shares might be issued on December 19.

An additional A$1-million was raised by means of a convertible bridge mortgage be aware executed with Riverfront International Capital, which could possibly be drawn down in A$500 000 tranches.

“The tip of 2022 has seen difficult fairness markets. The corporate is subsequently delighted to have the ability to announce the profitable closing of the financing for the transformational acquisition of the Horden Lake deposit. In step with the technique to advance this mission as shortly as potential, the Firm has already engaged a specialist Canadian mining funding financial institution as we glance to an lively 2023 exploration and pre-feasibility examine programme,” mentioned Pivotal MD Steven Turner.

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