LCL rights issue closing shortly - drilling now at PNG project
Shares Held: 8,055,814
Options Held: 0
Our copper/gold exploration Investment Los Cerros Ltd (ASX: LCL) will NOT be extending its Entitlement Issue.
All funds must be received by LCL from investors that want to participate before Monday 20th March at 5pm AWST.
LCL is offering existing shareholders the right to purchase 1 LCL share for $0.03 for every 5 LCL shares held.
We are applying for our full pro rata entitlement in the Rights Issue.
LCL Chairman Ross Ashton has applied for his entire pro rata entitlement to the offer, being $70,749.
LCL has the right to place any shortfall that may exist on closure of the Entitlement Issue, and has enabled shareholders to apply for additional shares via this shortfall facility.
The Entitlement Issue has been timed to correspond with the current maiden drilling program at LCL’s Kusi copper-gold target in PNG.
LCL is drilling now, and first assay results are expected in April 2023.
LCL had $8.4M cash at 31 December 2022 and this Rights Issue, if fully subscribed, will bring in a further $4.3M, which would take LCL’s cash balance to around $12.7M.
This strong cash balance leaves the company very well placed to progress several drill campaigns on its 100% owned PNG portfolio of assets.
For those that may have missed it, we published our deep dive into LCL’s exploration plans and updated Investment Memo, which can be found here - LCL Drilling copper gold targets in elephant country.