Dreadnought Resources to Raise AU$3.7 Million via Share Placement; Shares Down 15%

MT Newswires Live08-05

Dreadnought Resources (ASX:DRE) secured firm commitments to raise AU$3.7 million through a placement from institutional and sophisticated investors and directors, according to a Monday filing with the Australian Securities Exchange.

The company plans to issue 194.4 million new shares at AU$0.018 per share, with completion expected by Thursday. The board of directors has subscribed for an additional 11,666,667 shares, increasing the total investment to AU$6.8 million, the filing said.

The proceeds will be utilized for exploration activities such as niobium drilling at Gifford Creek Carbonatite and Mangaroon gold drilling, according to the filing.

Shares fell 15% in midday trading.

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