iTech Minerals: Raises $4.5m for drilling programs

iTech Minerals Raises $4.5m for drilling programs

• iTech Minerals (ITM) receives firm commitments to raise $4.5 million via a share placement
• The money will be raised via the issue of 18 million new fully-paid ordinary shares to institutional and sophisticated investors at 25 cents
• iTech will also be undertaking a share purchase plan (SPP) to raise up to $2 million with eligible shareholders able to subscribe for up to $30,000 worth of shares
• The money from the placement and SPP will be used for exploration, resource drilling and metallurgy at iTech’s Sugarloaf, Lacroma Caralue Bluff and Kaolin prospects
• Shares in iTech are down 10.8 per cent and trading at 29 cents at 1:54 pm AEDT