Industrial Minerals Ltd (ASX:IND) has successfully completed its Share Purchase Plan (SPP), raising $412,500. The SPP, launched after a successful placement, offered eligible shareholders the opportunity to purchase shares at the same price as the placement. The funds raised will be used to further advance the Company's High Purity Quartz (HPQ) projects, focusing on progressing the resource infill drilling program at the Pippingarra and Mukinbudin HPQ projects, as well as continuing ongoing metallurgical testwork and marketing efforts. The SPP closed on 30 August 2024, and the new shares are expected to be issued on Friday 6 October 2024.
We are delighted with the outcome of the SPP and the strong support from our shareholders, especially in the current challenging market conditions. The funds raised will be instrumental in advancing our HPQ projects as we continue to work towards establishing IND as a key supplier of high-purity quartz materials. We extend our sincere thanks to all participating investors for their continued support.
Industrial Minerals Ltd (ASX:IND) has successfully completed the Share Purchase Plan (SPP) and placement, raising a total of $2.3 million. The funds will be used to advance the Company's High Purity Quartz (HPQ) projects, focusing on progressing the resource infill drilling program at the Pippingarra and Mukinbudin HPQ projects, as well as continuing ongoing metallurgical testwork and marketing efforts. The Company looks forward to updating shareholders on progress as the team continues to execute its HPQ development strategy. This successful completion reflects the strong support from shareholders and the Company's commitment to establishing itself as a key supplier of high-purity quartz materials. The issuance of new shares on Friday 6 October 2024 marks a significant milestone in the Company's advancement. Industrial Minerals Ltd remains dedicated to achieving its strategic goals and delivering value to its shareholders.