PMT/PMET has successfully completed a flow-through private placement at C$14.54/share raising C$75m, a 51% premium to the previous close price. The placement was undertaken via a flow-through financing issuing 5.16m shares, the majority as CDIs on the ASX. Funds from the raising will be used to accelerate exploration drilling at Corvette. PMT has highlighted drilling to extend mineralisation at CV13 and testing for westerly extensions between CV5 and CV13 as key near-term targets. We had already diluted for several equity raisings in our forecasts hence we keep our ASX target unchanged at A$1.80 but lift our TSX target 3% to C$16.50.
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