Perpetual Resources Limited (ASX:PEC)

Offer Restriction

Offer to “sophisticated investors” (as defined in section 708(8) of the Corporations Act 2001 (Cth) (“Corporations Act”)) and “professional investors” (as defined in section 708(11) of the Corporations Act), with allocation amongst such investors to be at the discretion of the Company.

Offer Type

Placement Offer

Placement Price

$0.009

Placement Offer

Single-Tranche Private Placement Offer utilising the company’s existing capacity under Listing Rule 7.1 and Listing Rule 7.1A to raise up to $864k (96 million shares) at $0.009. The Board & Management also intend to subscribe for at least $60k in the Placement on the same terms as the Placement Offer subject to shareholder approval at the General Meeting.

• Exploration on the Company's Brazilian Projects.
• Completion of the acquisition of Raptor REE Project.
• General working capital purposes.

Perpetual has recently acquired an advanced spodumene exploration project in the epicentre of Brazil's "Lithium Valley" in Minas Gerais, Brazil. The Isabella project features multiple outcropping spodumene occurrences and over 25 historical artisanal mining tunnels over a 1.8km pegmatite strike length - exposing LCT bearing pegmatites for suitable initial testing. Limited rock chip sampling undertaken by PEC has confirmed up to 5.62% Li20 from outcropping spodumene pegmatites, further underpinning the projects prospectivity in a highly renowned lithium region.