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ASKARI METALS LIMITED — Capital/Financing Update 2021
Jul 4, 2021
64428_rns_2021-07-04_78e71661-c624-4a9f-9dba-16ae35a4584f.pdf
Capital/Financing Update
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ASX Release
30 June 2021
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Askari Metals Limited Statement of Commitments
The Company intends to apply funds raised from the Offer, together with existing cash reserves post-admission, over the first two years following admission of the Company to the Official List of ASX as follows:
| Funds available | Amount Raised($5,729,000) | Percentage ofFunds (%) |
|---|---|---|
| Existing cash reserves1 | $214,681 | 3.6% |
| Funds raised from the Offer | $5,729,000 | 96.4% |
| Total | $5,943,881 | 100.00% |
| Drilling, exploration and development activities at theBurracoppin Gold Project | $1,300,000 | 21.9% |
| Reconnaissance Exploration, Geophysical Programs anddrilling at the Mt Maguire Gold Project | $750,000 | 12.6% |
| Reconnaissance Exploration, Geophysical Programs anddrilling at the Horry Copper Project | $800,000 | 13.5% |
| Drilling, Reconnaissance Exploration, Geophysical Programsat the Springdale Copper-Gold Project | $300,000 | 5.0% |
| Drilling, Reconnaissance Exploration, Geophysical Programsat the Callawa Copper Project | $350,000 | 5.9% |
| Administration and Management | $750,000 | 12.6% |
| Costs of the Offer | $541,924 | 9.1% |
| Working Capital | $1,151,957 | 19.4% |
| TOTAL | $5,943,881 | 100.0% |
Notes:
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Refer to the Financial Information set out in Section 9 of the Company’s Prospectus and the Use of Funds Table set out in Section 6.6. The Company intends to apply these funds towards the purposes set out in this table, including the payment of the expenses of the Offer of which various amounts will be payable prior to completion of the Offer.
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Working capital includes the general costs associated with the management and operation of the Company’s business including administration expenses, management salaries, directors’ fees and other associated costs.
ENDS
For further information, contact:
Gino D’Anna Director
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Registered Office Askari Metals Limited (ASX:AS2) 17 Lacey Street Perth WA 6000 T +61 400 408 878 E [email protected]
Johan Lambrechts VP Geology and Exploration
Board of Directors Chairman - Mr Robert Downey Director - Mr Gino D’Anna Technical Director – Mr Brendan Cummins Company Secretary / CFO – Mr Paul Fromson VP Exploration – Mr Johannes Lambrechts
Projects Springdale Copper-Gold Project (Cu/Au) 100% owned Horry Copper Project (Cu) 100% owned Callawa Copper Project (Cu) 100% owned Burracoppin Gold Project (Au) 100% owned Mt Maguire Gold and Base Metal Project (Au) 100% owned
M +61 400 408 878 M +61 431 477 145 [email protected] [email protected]
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** This announcement is authorised by the executive board on behalf of the Company **
Askari Metals LimitedACN 646 034 460 I 17 Lacey Street, Perth WA 6000 Iwww.askarimetals.com