iTech Minerals (ASX: $ITM) raises $1.8 million for exploration plans

iTech Minerals Ltd (ASX: $ITM) has successfully completed a placement to raise $1.8 million at $0.071 per new share. The company also plans to offer a share purchase plan (SPP) to eligible investors to raise up to a further $1 million, with the option to take oversubscriptions. The funding will be utilized for exploration for copper, gold, and silver at the Company's newly acquired Reynolds Range Project in the Northern Territory and to develop the Company's advanced graphite project on the Eyre Peninsula in South Australia.

Executive Commentary on Equity Raising

This placement and subsequent SPP fully funds iTech's exploration and resource development plans for both the newly acquired Reynolds Range Copper-Gold-Silver Project in the Northern Territory and the Company's advanced Eyre Peninsula Graphite Project in South Australia. The Reynolds Range Project is producing some exciting early results with rock chip of up to 182 g/t Au and copper and silver results still pending. The Scimitar Prospect has been identified as a short-term drill target with an exciting electromagnetic conductivity target beneath outcropping copper-gold and silver mineralisation, due to be drill tested in the coming months.

Summary of iTech Minerals (ASX: $ITM) Announcement

iTech Minerals Ltd (ASX: $ITM) has successfully raised $1.8 million through a placement and plans to offer a share purchase plan (SPP) to eligible investors to raise up to a further $1 million. The funds will be used for exploration for copper, gold, and silver at the Company's newly acquired Reynolds Range Project in the Northern Territory and to develop the Company's advanced graphite project on the Eyre Peninsula in South Australia. The Reynolds Range Project has shown promising early results, and the Company is planning to drill an advanced copper-gold-silver target at the Scimitar Prospect in the coming months. The Company aims to utilize the funding to advance its exploration and resource development plans, indicating a positive outlook for its projects.