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Hammer taps capital markets

Hammer taps capital markets
Junior Hammer Metals will raise A$5-million in a share placement to existing, as well as sophisticated and institutional investors.
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The company on Friday announced that it had received firm commitments for the placement of more than 52.6-million shares, at a price of 9.5c each, representing a 13.6% discount to Hammer’s last closing price.

The shares will be placed under the company’s existing placement capacity, with Hammer saying on Friday that it would also launch a share purchase plan to raise an additional A$1-million.

The capital raise, along with Hammer’s existing cash reserves, would go towards an aggressive exploration programme in Mount Isa at the company’s copper/gold targets in the region, as well as potential extension and infill drilling at its Sunset, Black Rock and Overlander deposits to either define or extend Joint Ore Reserves Committee-compliant resources.

“We are delighted with the outcome of the placement that was well supported by existing shareholders and a number of new institutional investors,” said Hammer MD Daniel Thomas.

“With the recent success drilling copper/gold targets in Mount Isa, we are excited to continue the momentum by accelerating exploration efforts throughout the remainder of 2021.”


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