Argonaut as Lead Manager has been successful in raising A$12.3 million for Dakota Minerals Limited (ASX: DKO) (“Dakota”) in a heavily oversubscribed Placement to institutional and sophisticated investors of 61,600,000 new ordinary shares at an issue price of A$0.20 per share which was at a 17.4% premium to the 10-day VWAP.
Proceeds from the placement will be used to accelerate Phases 2 and 3 of the Lynas Find Lithium Project drilling campaign which aims to expand the known mineralisation and rapidly define a resource together with potential further exploration opportunities in the lithium sector.
Commencing on the Placement, Dakota’s Non-Executive Chairman, Mr John Fitzgerald said “We are extremely pleased at the investor support we have received from the domestic and international market, including a number of well-respected institutions. The Placement was heavily oversubscribed, which is a testament to the excitement surrounding our early drill results and those still to come. These funds will allow us to progress Phases 2 and 3 of our Lynas Find exploration and drilling program, as well as begin other exploration at some highly prospective areas. I’m very thankful for the support our shareholders have shown in Dakota thus far and I’m greatly looking forward to what’s ahead.”
Argonaut is delighted to provide continued support to Dakota and looks forward to the relationship continuing.
Additional information regarding Dakota and the Capital Raising can be found on the company’s website at www.dakotaminerals.com.au.
