Placement to fund Feasibility Study into developing the Poochera Project
Following the successful completion of a Share Placement to raise $3.97 million before costs at an issue price of $0.047 per share, Andromeda Metals is now fully funded to complete planned feasibility studies, permitting approvals and to meet farmin commitments on the Poochera Project, plus undertake additional drilling and testing on applications of halloysite-kaolin.
This funding puts the Company on track to have the Pre-Feasibility Study (PFS) complete by the second quarter of next year and before the expiry of listed options which have the potential to generate a further $8.4 million.
Funding also allows Andromeda to complete:
- a Carey's Well resource update;
- exploration for new high-purity halloysite deposits;
- an update of the historical Mount Hope resource to JORC 2012 Code standard;
- halloysite nanotechnology research and halloysite purification trials;
- to advance binding offtake agreements;
- complete all Pre-Feasibility Studies and permittng approvals.