Silver Lake Resources (ASX: SLR) will receive a A$5.2 million funding injection to pursue its exploration and growth objectives following the off market sale of 17.4 million unlisted options by the company’s directors.
The options will be converted at their exercise price of $0.30 each.
Following the completion of the option sale and conversion, the issued capital of Silver Lake will comprise 223.7 million shares and no options.
The directors and their related entities will retain 11.4% of the shares on issue.
Silver Lake is targeting development of its 1.7 million ounce Murchison Gold Project, announcing a $70 million capital raising last month to help fund development of the project and accelerate copper exploration.
The company has identified the potential for copper at the project, starting diamond drilling on the Eelya Complex to target four large electromagnetic conductors located from surface geophysics.
Assays from seven holes of a nine hole program drilled at Hollandaire, within the Eelya Complex, show significant high grade copper, gold and silver mineralisation in massive sulphide zones.
Silver Lake has confirmed grades of up to 45% copper, 5.5 grams per tonne (g/t) of gold and 256g/t silver at the project.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23295/silver-lake-resources-to-bank-a52m-from-sale-of-unlisted-options-23295.html
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