Anax Metals (ASX:ANX) has received firm commitments for an about AU$3 million placement of 100 million new shares at AU$0.03 per share, according to a Monday Australian bourse filing.
Proceeds are expected to fund drilling at the Evelyn prospect at its joint venture Whim Creek copper-zinc project in Western Australia, technical studies at GreenTech Metals' (ASX:GRE) base metals assets at Whim Creek, a scoping study with Develop Global (ASX:DVP), advancing offtake and project finance discussions at Whim Creek and working capital, the filing said.
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