Arkle raises £0.2m for upcoming joint venture drilling

14th Nov 2022 16:56

(Sharecast News) - Ireland-focussed gold and zinc developer Arkle Resources has raised £0.2m, it announced on Monday, for planned joint venture drilling and for general corporate purposes.

The AIM-traded firm said it raised the £0.2m, before expenses, through a placing of 50,000,000 new shares at a price of 0.4p each.

Each placing share had a warrant attached, with the right to subscribe for one new share at 0.5p for two years.

"The net funds received from the placing will be used for the anticipated drilling programme for zinc in Limerick at the Stonepark joint venture, as well as for general corporate activities," the board said in its statement.

It confirmed that directors John Teeling and David Cockbill participated in the placing on the same terms.

An application was set to be made for the placing shares to be admitted to trading on AIM, which was expected on or around 21 November.

At 0950 GMT, shares in Arkle Resources were down 4.55% at 0.53p.

Reporting by Josh White for Sharecast.com.