Elixir Energy banks up to $10.5 million to fund Daydream-2 and Nomgon
Melbourne, Victoria
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August 29, 2023 11:40 AM Eastern Daylight Time
Elixir Energy Ltd (ASX:EXR) MD Neil Young speaks with Proactive following the news the company has raised $7 million from institutional and sophisticated investors in a placement. Existing shareholders will be invited to participate in a share purchase plan on the same terms to raise an additional $3.5 million. The cash injection means Elixir Energy’s Grandis and Nomgon projects are now fully funded through the Daydream-2 drilling and Nomgon pilot programs.
Young, said: “We are very pleased to procure this financial backing from existing and new shareholders to support our projects in Australia and Mongolia – in particular the imminent drilling of the high impact Daydream-2 well. The SPP element of the capital raising is designed to provide all shareholders with the opportunity to support the Company on the same terms as for the Placement participants. We look forward to keeping all of our shareholders well informed as we approach the spud date for Daydream-2, which we view as a pivotal catalyst in the Company’s growth plans”.
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