Base and precious metals explorer Perilya Ltd
(ASX:PEM) has announced a $55 million capital raising to help the company fund additional projects.
The capital raising will involve the issue of approximately 131 million ordinary shares representing 33 per cent of Perilya’s issued capital.
The new shares will be issued at a price of 42 cents a share which represents an 18.4 per cent discount to Perilya’s last closing price on the ASX.
Perilya says its largest shareholder Zhongjin Lingnan Mining HK Company has agreed to subscribe for its full entitlement of shares, being 65.9 million shares or 50.1 per cent of the shares to be offered.
Perilya says some of its projects including satellite ore bodies close to its Broken Hill operations in South Australia and the Mount Oxide project in Queensland, where the company has delineated a resource of over 220,000 tonnes of contained copper, will go before its board for development decisions and subject to those decisions will have development capital requirements.
Perilya has posted net losses in the last two years.
