Nimy Resources (ASX:NIM) Nimy Raises $1.72m via Share Placement
Nimy Resources Limited (ASX:NIM)
Highlights
◼ Nimy Resources has received strong demand for a $1.20m Placement through existing and new institutional and sophisticated investors.
◼ The Placement was strongly supported and oversubscribed.
◼ Total funds raised of $1.72m (before costs) will assist to unlock the Belt Scale Copper opportunity and establish a maiden Gallium JORC 2012 Compliant resource at Block 3.
◼ Progress further at the Masson project for Copper/Nickel/PGE and Sneaky Squirrel Copper-Zinc-Gold discovery.
◼ Advance discussions with US and European offtake partners for Gallium.
Nimy Resources Limited (Nimy or the Company) (ASX:NIM) is pleased to announce that it has received firm commitments for $1.72 million in a Share Placement from sophisticated, professional and otherwise exempt investors (Placement).
Funds raised from the Placement, together with existing cash reserves, will be used in part to accelerate copper exploration across multiple targets, including Sneaky Squirrel and Masson, and the completion of the JORC 2012 Compliant resource definition Block 3 gallium target.
Nimy Managing Director Luke Hampson said:
“We are very pleased with the positive market response received. Funds will be utilised to accelerate exploration and resource development across a number of key locations and commodities, with a focus on copper and gallium.
“Nimy is unlocking a unique belt scale copper opportunity at the Mons Project, with multiple high-potential prospects in the discovery pipeline.
“Nimy is also committed to delivering a JORC 2012 Compliant gallium resource to underpin the development of our high-grade gallium discovery at Block 3.”
To read the announcement, please click here
About us:
About Nimy Resources
Nimy Resources is a Western Australian exploration company that has prioritised the development of its recently discovered Mons Belt, situated 370km north-east of Perth and 140km north-northwest of Southern Cross a Tier 1 jurisdiction in Western Australia.
The Mons Belt represents a district scale discovery, spanning ~80km x 30km over 17 tenements and covering ~3005km2 north of the Forrestania greenstone belt. The Mons Belt provides a new and exciting frontier in critical metal exploration in Western Australia, the company is currently working with the CSIRO to advance the lithology and mineralisation types within one of Australia's newest greenstone belt discoveries in the Yilgarn Craton, a region with significant untapped potential.
Nimy Resources believes the Mons Belt offers multi commodity potential with the initial discovery of Masson (Cu, Ni, Co, Au & PGE's) in addition to Block 3 east prospect with high-grade gallium (Ga) discovered in the northern tenements.
In addition to these discoveries, the southern tenements have significant fertile komatiite sequences like those found in the Kambalda region of WA.
The Mons Belt is a district scale discovery with a land holding consisting of 17 approved tenements covering an 80km north/south strike of mafic and ultramafic sequences.
Contact details:
For more information, please contact:
Nimy Resources Limited
Richard Moody
[email protected]
(08) 9261 4600