Investors want to raise US$ 1.5m (N$28,5m) for Arcadia Minerals via the issue of 15 million Chess Deposit Interests shares at US$0.10c per placement.
Chess Depositary Interests are instruments traded on the Australian Stock Exchange that allow non-Australian companies to list their shares on the exchange and use the exchange’s settlement systems.
Arcadia Minerals Limited is developing several projects in Namibia, targeting lithium, tantalum, nickel, copper and gold in Hardap and Erongo regions.
The funds are for further exploration work at the Bitterwasser Lithium Brine Project, further metallurgical work and a pre-economic assessment of the Bitterwasser Lithium Clay Project.
The money will also be used for the map and sample program over the 200 known pegmatites on the Swanson project, working capital and costs of the offer.
Arcadia Minerals’ major shareholder, Raubex Group Limited, participated in the placement, subject to shareholder approval received on 20 September 2023, and funds of ~US$ 430,000 (N$8,17m) were received post-quarte 30 September 2023 (end of the quarter).
During the same period, Arcadia completed a 100% acquisition of the Lithium Clay Project through a payment of A$164,000 (N$1,9m).
Arcadia Minerals’ subsidiary, Brines Mining and Exploration Namibia, now owns the Bitterwasser Lithium-in-Clay Project after increasing its interest in the Bitterwasser Lithium Exploration company to 100% from the previous 25%.
Arcadia’s portfolio in Namibia includes the Swanson Mining Project, an advanced tantalum mining project currently under construction and expected to be in production by Q1/2025.
There is also the Bitterwasser Brines Project, prospective for lithium-in-brines, which will shortly be explored through sonic drilling to make a discovery.
Arcadia also has the Bitterwasser Clays Project, prospective for lithium-in-clays, which contains a mineral resource over which a pre-economic assessment is expected to be conducted to determine high-level economics.
There is the Kum-Kum Nickel Project – prospective for Nickel, Copper, and Platinum group elements and the TVC Lithium and Tantalum Project – prospective for hard rock Lithium and Tantalum.
The last one is the Karibib Project – prospective for copper and gold, which is expected to be explored further through a scout drilling and trenching program.
