AI assistant
ADAVALE RESOURCES LIMITED — Capital/Financing Update 2021
Nov 16, 2021
64300_rns_2021-11-16_4e957756-973d-4261-89ff-33987175f5d1.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
17 November 2021
Successful Share Purchase Plan Closed At $1.34M
Adavale Resources Limited (ASX: ADD) (“ Adavale ” or “ the Company ”) is pleased to announce the results of the Share Purchase Plan (“SPP”). The funds raised will largely be directed towards ongoing exploration on the Company’s Kabanga Jirani Nickel Project in Tanzania and a forthcoming exploration program at its Lake Surprise Uranium Project in South Australia.
Adavale’s CEO Allan Ritchie commented:
“The Board and Management are very grateful for the solid support shown from all shareholders who participated in the SPP at a price of 5.5 cents per share. The Company raised $1.34M from the SPP.
Initially, the intention was to raise $1,000,000 but it became evident that significant scaling back might have been required. On that basis the Company reset the SPP to raise up to $1,500,000 to ensure all shareholders could be adequately catered for.”
The SPP closed on 12 November 2021, receiving valid subscriptions totalling $1,340,500 at a price of 5.5 cents per share. The Company anticipates a total of 24,372,656 shares to be allotted on 19 November 2021.
This announcement has been authorised for release by The Board of Adavale Resources Limited.
For further information please contact [email protected] or visit www.adavaleresources.com
1 Twitt Link er edIn
ASX ANNOUNCEMENT – 17 NOVEMBER 2021
About Adavale
Adavale Resources Limited (ASX:ADD) is a nickel sulphide exploration company that holds 100% of the Kabanga Jirani Nickel Project a portfolio of 7 highly prospective granted licences, covering over 1,145km[2] surrounding and proximal to the world class Kabanga Nickel Deposit (58Mt @ 2.62% Ni) and located along the Karagwe-Ankolean belt in Tanzania. Adavale’s licences were selected based on their strong geochemical and geophysical signatures from previous exploration undertaken by BHP Billiton.
==> picture [224 x 336] intentionally omitted <==
Adavale also holds three exploration licences within part of the highly prospective sedimentary uranium province within the northern part of the Lake Frome Embayment.
==> picture [319 x 225] intentionally omitted <==
2