Promesa Limited (ASX: PRA) – $0.015
14 Nov 2014
Promesa Limited has successfully raised $803,000 before expenses from Lanstead Capital LP, a UK based institutional investor with a subscription for 73,000,000 new ordinary shares at a price of $0.011 per share.
The proceeds raised will be used to assist with exploration and development of the Alumbre Project in Peru and to provide further working capital for the company.
The Alumbre Project is located 70km southeast of Trujillo in northern Peru (Figure 1) and covers approximately 28,500 hectares. The project is prospective for gold, copper and molybdenum porphyry and epithermal gold mineralisation systems.
The company has entered into an Equity Swap Agreement with Lanstead which will allow the company to retain much of the economic interest in the Lanstead Subscription Shares. The company’s economic interest will be payable in 18 monthly settlements measured against a benchmark price of $0.0147 per share.
Figure 1. Alumbre Project in Peru
For further details, visit www.promesa.com.au
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