Andromeda Metals has obtained an option to acquire a number of tenements in the gold prospective Pilbara region. In addition it has secured a fully underwritten capital raising of approximately $2M to evaluate the Pilbara ground in addition to advancing some of the Company's current projects

Pilbara Gold Project acquisition and $2 million capital raise

The Company has signed a binding term sheet that, subject to the completion of satisfactory due diligence, would lead to the acquisition of 100% equity in up to eleven Exploration Licence Applications in the Pilbara region of Western Australia. In aggregate they represent a prospective 756 sq km gold project. 

The Company has completed an over-subscribed share placement. It is to be followed by a fuly underwriten Rights Issue offered to Shareholders on the same pricing terms, which in aggregate brings the raise to $1.98 million before costs. The capital raise will secure the Company's financial position and allow the recomencement of a material exploration program.

Andromeda Metals' Board has been restructured. Mr Rhod Grivas will be appointed Chairman, replacing Mr Colin Jackson who relinquishes his directorship, while Mr Andrew Shearer will join as a Non-Executive Director replacing Mr Jonathan Buckley.

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Overview

Andromeda Metals Limited is an Australian Securities Exchange listed company (code: ADN) focusing on mineral exploration for gold, lithium and copper deposits. Andromeda Metals currently has interests in 21 exploration licenses, covering 7,969 sq kms within South Australia, Queensland, Western Australia and the Northern Territory. Andromeda Metals’ vision is to be a sustainable minerals exploration company providing shareholders with risk managed discovery, development and mining opportunities.

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