Zenith Minerals completes a$1.44 million placement

Zenith Minerals Limited (ASX:ZNC) has successfully secured firm commitments from existing and new professional and sophisticated investors to raise A$1.44 million through a share Placement at an issue price of A$0.045 per share. The company's directors have pledged A$125,000 towards the Placement, subject to shareholder approval at the upcoming AGM on 25 November 2024. Additionally, Zenith plans to conduct a Share Purchase Plan (SPP) to raise up to an additional A$500k, offering existing eligible shareholders the opportunity to participate in the capital raising on the same terms as the Placement. The primary allocation of the proceeds will be directed towards funding drilling at Dulcie Far North and Red Mountain, with a focus on expanding existing resources and unlocking new potential, alongside working capital and costs related to the raise. The Board also intends to appoint Mr Euan Jenkins as a non-executive director, subject to meeting necessary statutory requirements and confirmation by vote at the Company's AGM.

Executive Commentary

We are grateful for the strong support from both new and existing investors, which we believe shows confidence in our strategic focus on expanding the resource base at Dulcie Far North and Red Mountain. These funds will allow us to accelerate drilling activities and take critical steps towards realizing the potential of these key assets. We are committed to advancing our projects and delivering value for our shareholders.

Summary

Zenith Minerals Limited (ASX:ZNC) has successfully completed a A$1.44 million share Placement, with plans to conduct a Share Purchase Plan (SPP) aiming to raise an additional A$500,000. The funds raised will primarily be utilized for drilling at Dulcie Far North and Red Mountain, focusing on expanding existing resources and unlocking new potential, alongside working capital and costs related to the raise. The company also intends to appoint Mr Euan Jenkins as a non-executive director, subject to necessary statutory requirements and confirmation by vote at the upcoming AGM. The Placement and SPP demonstrate the company's commitment to rapid development and aggressive exploration, particularly in unlocking the full potential of its key projects, Dulcie Far North and Red Mountain.