- Perpetual Resources has completed a heavily oversubscribed $2 M placement as sand prices rise off the back of worldwide shortages
- The fresh funding will allow the company to advance its pre-feasibility study at the Beharra Silica Sands project and fast-track its planned definitive feasibility study
- Ultimately, this will also help the company capitalise on the strong demand for silica sands in the Asia Pacific and take advantage of rising prices
- Under the placement, around 50 million shares will issued at four cents
- Directors of the company have subscribed for a combined $150,000, however, this is subject to shareholder approval at an upcoming annual general meeting
- Shares in Perpetual Resources closed 14.3 per cent higher, worth 4.8 cents
