Inca Minerals (ASX: $ICG) Renounceable Rights Issue Announcement

Inca Minerals Limited (ASX: $ICG) has announced a 2 for 3 renounceable rights issue at 0.7 cents per share to raise up to approximately $2.75 million. The rights issue includes free attaching new options for eligible shareholders and is open to all eligible shareholders with a registered address within Australia or New Zealand.

Executive Commentary on Rights Issue

The Company's Chairman, Adam Taylor, stated, 'The Board notes that a stronger balance sheet will enable Inca to both progress exploration in our current areas of interest but also to act on its new Lithium opportunities in WA and NT. The Board believes the best way to do this is via a renounceable rights issue that gives all shareholders the opportunity to participate at a discounted price with very attractive options for shareholders to be further involved in the Company. We look forward to utilizing the funds in the most cost-effective way possible.'

Summary of Inca Minerals' Rights Issue Announcement

Inca Minerals (ASX: $ICG) has announced a renounceable rights issue to raise up to $2.75 million, with a minimum subscription of $1 million. The funds raised will be used to conduct exploration programs in Australia, progress lithium projects, secure a joint venture for the Riqueza Project in Peru, and provide additional working capital as needed. The rights issue price represents a discount of 12% to the company's last close on the ASX and 37% to the 30-day VWAP. The Company's immediate priority for exploration with the funds raised includes drilling on the Camel Creek copper target, early-stage exploration on new lithium tenements, and progress conversion of the large Phosphate Exploration Target at the Frewena East project. All directors intend to participate in the Rights Issue, and a prospectus in relation to the Rights Issue has been lodged with ASIC. The Lead Manager for the rights issue is Mahe Capital Pty Ltd (ACN 634 087 684) (AFSL 517246).