Zinc of Ireland declared plans to raise approximately $2.2 million through a combination of a placement offer and a non-renounceable entitlement offer.
The placement offer aims to raise approximately $361,014 by issuing 52,511,070 fully paid ordinary shares at an issue price of $0.006875 per share.
Additionally, a non-renounceable entitlement offer will fund up to $1.8 million by offering 265,655,351 new shares on a one-for-one basis at the same price.
"The funds raised will be applied toward exploration at the company's flagship, Rathdowney Trend base and critical metals project and to pursue the acquisition of complementary natural resource projects," stated Peter Huljich, non-executive chairman of Zinc of Ireland.
Leading the placement, Prenzler Group will earn a 2% fee from funds raised.
Other fees apply to AFSL holders and will receive 4% for participating in the placement.
Prenzler will also manage the shortfall offer of any remaining shares.
Allocated funds will be directed towards exploration at Rathdowney Trend, Manitoban Projects, and Cascade Project, totalling $1.7 million, alongside $500,000 for general working capital.
The placement forms part of an overarching strategy to bolster the company's exploration activities in both Ireland and Western Australia.
Zinc of Ireland is a mineral exploration and development company focused on its zinc/lead projects in the Republic of Ireland as well as at its Earaheedy zinc/lead/silver and Cascade rare earth element exploration projects in Western Australia.
At the time of reporting, Zinc of Ireland’s share price was $0.10.