Connected IO Seeks to Raise AU$5.2 Million for Acquisition of Uranium, Gold Projects

MT Newswires Live06-27

Connected IO (ASX:CIO) is seeking to raise AU$5.2 million amid planned acquisitions of uranium and gold projects in Namibia and Western Australia, according to a Thursday filing with the Australian bourse.

The company entered into binding deals to acquire Namibia U308, which will hold an 80% interest in one granted exclusive prospecting license and three EPL applications in Namibia, as well as full legal and beneficial interest in three exploration licenses prospective for gold in Western Australia.

Connected IO is planning to undertake an 8.5-for-10 entitlement offer to raise AU$2.7 million and a placement to raise AU$2.5 million. Proceeds from the equity raising will mainly go toward completing the acquisitions and conducting exploration activities.

Upon completion of the acquisition, the company will appoint Warrick Clent as managing director.

Also, Connected IO will undertake a 1-for-20 consolidation of its ordinary shares and options expiring July 1, according to a separate filing.

Following consolidation, the company's number of shares will be reduced to 15,895,973 from 317,919,465.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment