Industrial Minerals Limited (AU:IND) has released an update.
Industrial Minerals Limited has announced a successful A$1.9 million placement backed by institutional investors, with plans to raise an additional A$500,000 through a Share Purchase Plan (SPP) for a total of A$2.4 million. The funds will accelerate the development of their High Purity Quartz (HPQ) projects, including resource infill drilling and metallurgical process testwork. The company’s directors are also showing confidence by committing to a substantial subscription in the placement, pending shareholder approval.
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