Posted on 23 Aug 2022
Australian miner Firebird Metals has received firm commitments to raise AUD 3.5 million ($2.41m) via a share placement, to accelerate development and exploration activities at its flagship Oakover manganese project (Oakover), Kallanish notes.
Under the placement, Firebird will issue 17.5 million new fully paid ordinary shares in the company at an issue price of AUD 0.20 per share, together with one free attaching option for every two shares issued. The placement options will be issued subject to shareholder approval, exercisable at AUD 0.30 each and expire two years from date of issue.
“We are very pleased with the overwhelming level of interest and support from both existing shareholders and new investors and thank them for their support, as we continue to develop and grow our exciting Oakover manganese project into Western Australia’s next major manganese operation," Firebird managing director Peter Allen says.
“Since listing last year, we have been focused on rapidly growing our advanced portfolio, led by Oakover, towards the development phase. We have delivered on this objective, culminating in the completion of the highly impressive Oakover scoping study, which clearly showed the excellent, long-term potential of the project," he adds
According to him, the group is now focused on delivering the next 12 months, with a key focus on extending life-of-mine at Oakover, commencing and completing key development studies, advancing environmental, social and governance (ESG) objectives and adding to its manganese inventory through targeted exploration across its other projects, starting with Hill 616.
"Importantly, current and long-term manganese market fundamentals are strong and supported by the growing demand for battery minerals and infrastructure (steel) markets and we are excited by the prospect of Oakover becoming a key supplier to these markets in the coming years," he says.
Source:Kallanish
