OD6 Metals completes $6.9M capital placement
- OD6 Metals completed an $6.9 million placement.
- The transaction expands share capital by 72.8 million units at $0.095 each.
- Proceeds will fund drilling and metallurgical testing across critical minerals projects.
OD6 Metals (ASX:OD6) has completed a $6.9 million share placement to fund its critical minerals portfolio across three key mining projects.
The capital raise contrasts with earlier funding rounds by bringing in global institutional, family office, and sophisticated professional investors.
“Our immediate focus is on advancing Quinn through permitting and into maiden drilling and bulk sampling, with the objective of rapidly progressing towards a maiden mineral resource estimate and demonstrating a development pathway for this strategically important US fluorspar project,” said OD6 Metals Managing Director Brett Hazelden.
The transaction involved issuing roughly 72.84 million new fully paid ordinary shares at $0.095 per share.
OD6 Metals stated that the new funds will support maiden drilling at Quinn, metallurgical testwork at Splinter Rock, and general operations.
Following the announcement, the OD6 Metals share price was down at $0.093.
The company's core focus centres on advancing its Quinn Fluorspar Project towards a maiden mineral resource estimate.
Simultaneously, the miner continues processing flow-sheet optimisation work with ANSTO at its Splinter Rock Rare Earth Project.
