Lunnon Metals: Raises $30m to fund exploration

Lunnon Metals Raises $30m to fund exploration

• Lunnon Metals (LM8) receives binding commitments to raise $30 million through a placement for its assets in the Kambalda area and Silver Lake and Fisher
• The company will issue 32.3 million new shares at a price of 93 cents each, representing a 8 per cent discount to the five day volume weighted average price
• The funds will be used for work on the Baker area, Warren, and Foster mine within the Kambalda area
• The rest of the money is planned for Silver Lake and Fisher exploration, subject to completion of the acquisition
• Shares ended the day 19.2 per cent higher today to $1.24 each