Petratherm (ASX:PTR) raises $1.6M for Muckanippie Titanium Project

Petratherm Limited (ASX:PTR) has successfully secured firm commitments to raise $1.6M through a share placement to expedite exploration on the Company's Muckanippie Titanium Project. The funds will be used to commence drilling of high Priority Rosewood and Claypan Prospects for Titanium Rich Heavy Mineral Sands from the second week of October. Additionally, a Share Purchase Plan of up to $1M will be offered to eligible retail shareholders on the same pricing terms as the Placement.

CEO Peter Reid's Commentary on the Placement

We are pleased to announce the completion of the Placement which was well supported. The Company has in addition announced a Share Purchase Plan allowing our existing shareholders the opportunity to be involved at an exciting time. The Muckanippie Project, located in the northern Gawler Craton of South Australia is highly prospective for a range of high value critical minerals. Petratherm is now well-funded and has a solid platform for its upcoming drilling operations due to start from early October.

Summary of Petratherm's Placement and SPP

Petratherm Limited (ASX:PTR) has successfully raised $1.6M through a share placement to expedite exploration on the Company's Muckanippie Titanium Project. The funds will be used to commence drilling of high Priority Rosewood and Claypan Prospects for Titanium Rich Heavy Mineral Sands from the second week of October. The Company's CEO, Peter Reid, expressed satisfaction with the strong support for the Placement and highlighted the high prospectivity of the Muckanippie Project for critical minerals. With the additional Share Purchase Plan, Petratherm aims to involve existing shareholders in this exciting phase. The Company anticipates the drilling operations to start early October and is well-positioned for future developments in its corporate strategy.