Superior Resources Limited (ASX: SPQ) has successfully raised $800,000 through a share placement, signaling strong investor confidence in the company’s 2025 exploration programs. The placement involved the issue of 173,913,043 fully paid ordinary shares at $0.0046 per share, with one attaching option for every two shares subscribed. These options, exercisable at $0.009 each, will expire on April 10, 2027.
The placement was strategically aimed at attracting high-net-worth and new institutional investors, aligning with SPQ’s objective of broadening its institutional investor base. Managing Director participation is subject to shareholder approval. The new shares were offered at a 23% discount to the last closing price and a 25% discount to the 15-day VWAP, demonstrating an attractive entry point for investors.
The raised capital is earmarked for several key initiatives. A significant portion will be directed towards progressing the Steam Engine Feasibility Study and subsequent approvals process, establishing a Maiden Ore Reserve, and remodeling the Steam Engine Mineral Resource Estimate using the latest 2024 drill results. Funds will also support finalization of an ore haulage contract and advance toll treatment agreements. Exploration drilling at both Steam Engine SAM targets and Bottletree Copper CEI drill holes (weather permitting) will also be funded.
Additionally, the proceeds will contribute to general working capital and cover placement costs. GBA Capital acted as the Lead Manager for the placement, receiving a 6% cash fee on the total amount raised. The successful completion of the placement has lifted the trading halt requested by the company on March 31, 2025, with trading expected to resume immediately.
