Burley Minerals (ASX:BUR) is seeking to raise $1 million to expedite exploration and studies at its Cane Bore Iron Ore Project in Western Australia. The funding will be obtained through a placement and a non-renounceable entitlement offer. The placement involves issuing 15 million shares at $0.03 per share, raising $450,000, with attaching options. The entitlement offer aims to raise up to $563,000, granting eligible shareholders one new share for every eight held, also with attaching options.
Yelverton Capital has been appointed as the lead manager for both the placement and the entitlement offer. The issue price of $0.03 represents a 31.8% discount to the last closing price of $0.044. Burley plans to initiate a maiden drilling program at the Cane South target this month, aiming to define an inferred and indicated resource over prominent channel iron deposit mesa-forms. The company has identified three other sizable drilling targets since the exploration license was granted in September 2024.
CEO Stewart McCallion highlighted the project’s proximity to infrastructure, noting that Cane Bore is less than 100km by sealed road from Onslow and the Port of Ashburton. The project is adjacent to the Northwest Coastal Highway where it intersects Onslow Road. Burley Minerals, based in Perth, focuses on iron ore and lithium discoveries in Western Australia and Canada.
