Classic Minerals (ASX:CLZ) is raising approximately AU$2.0 million through a one-for-one non-renounceable pro-rata offer at an issue price of AU$0.004 per share, according to a Monday filing with the Australian bourse.
The offer includes one bonus option for every two shares subscribed for, exercisable at AU$0.02 on or before June 30, 2027.
Funds raised will be used to boost the companyâs balance sheet and provide working capital to support exploration and development activities at the Kat Gap and Forrestania projects, the filing said.
Classic Minerals' shares were down 25% in recent trade.
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