OD6 Metals Ltd raises A$1.5 million through equity placement and launches share purchase plan

OD6 Metals Ltd (ASX: $OD6) has successfully raised A$1.5 million through a strongly supported equity placement to institutional and sophisticated investors. Additionally, the company has launched a share purchase plan to raise up to a further A$1 million, providing eligible shareholders with an opportunity to participate in the equity raising on equivalent terms to the placement. The funds raised will be utilized to advance the flagship Splinter Rock Project through growth and infill drilling, metallurgical optimization, and the completion of a Scoping Study.

Executive Commentary on Capital Raising and Project Advancement

The Managing Director of OD6 Metals, Brett Hazelden, expressed enthusiasm about the capital raising, highlighting the potential of the Splinter Rock Project and the strong support received from investors. He emphasized the company's focus on advancing the project, particularly at the Inside Centre Prospect, and the metallurgical work at ANSTO to optimize leach recoveries and produce a high-quality Mixed Rare Earth Carbonate. Hazelden also outlined the upcoming activities aimed at derisking the Splinter Rock Project and establishing it as Australia's premier clay hosted rare earth project.

Summary of OD6 Metals' Equity Placement and Share Purchase Plan

OD6 Metals Ltd has successfully raised A$1.5 million through an equity placement and initiated a share purchase plan to raise up to an additional A$1 million. The raised funds will be directed towards advancing the Splinter Rock Project, focusing on infill drilling, MRE growth, regional drilling, and ANSTO metallurgical program optimization. The completion of a Scoping Study is also a key objective. The company aims to further derisk the project and solidify its position as Australia's premier clay hosted rare earth project. The capital raising ensures OD6 is well funded to achieve its objectives and pursue discussions with potential strategic partners and off-takers.