CEB Resources has raised £370,000 at 0.7p a share in order to finance the assessment of a potential acquisition
A warrant exercisable at 1p a share will be issued with every two shares.
CEB has an exclusive option to farm-in to the Peelwood zinc copper project located in New South Wales, Australia, which is owned by ASX-listed Balamara Resources. CEB needs to spend A$1.2m in three tranches over 12 months. The first one-third spent earns 20% and is payable within 30 days of signing a deal.
Peelwood has combined resources of 895,000 tonnes of zinc, copper, lead and silver. It also has a high grade JORC compliant reserve of 360,000 tonnes at 6.1% zinc, 1.45% copper 0.75% lead and 23g/t silver.
Peelwood is at pre-production stage and it has a bankable feasibility study. Tests suggests recoveries of more than 95%. Balamara believes that additional reserves are required before mining starts.
At 0.78p a share, down 0.1p, CEB is valued at £1.56m.
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