Osmond Resources Secures Nearly AU$4 Million Through Placement

MT Newswires Live07:24

Osmond Resources (ASX:OSM) has secured firm commitments to raise nearly AU$3.8 million through a placement of 7.5 million new shares at AU$0.50 each, supported by an existing US-based institutional investor and new and existing shareholders, according to a Tuesday filing with the Australian bourse.

The placement price reflects an 8.8% discount to the 10-day volume-weighted average price, per the filing.

The funds will be used to advance the Orien EU critical minerals project, cover capital-raising costs and support the company's ambition to become the European Union's first producer of monazite, zircon, rutile and ilmenite, the filing said.

The settlement is scheduled to take place on Nov. 9, the filing added.

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