Brisbane, Hexagon Resources Ltd.
(ASX:HXG) is pleased to announce that it has closed a placement of 16,975,000 ordinary shares at $0.08 each with new and existing institutional funds, and sophisticated / professional investors to raise a total of $1.358 million.
The company originally planned to place 12 million ordinary shares but after interest from some new clients the placement was extended to accommodate their initial entry onto the Hexagon register.
The placement price is 8 cents per share, with a free 1 for 2 unlisted option exercisable at 12 cents with an expiry date of 30 September 2017.
Allotment of the shares is expected to be completed by 14 March 2016.
The funds raised from the placement will be used to fund final stage environmental and hydrogeological studies, further engineering and process design, commencement of a feasibility study for McIntosh plus ongoing working capital.
The company looks forward to updating shareholders in the coming weeks on:
- University of Adelaide graphite / graphene test work results
- An update on the South Korean assets
- Progress on end user / offtake discussions
This announcement ends the Trading Halt requested by the company on 7 March 2016.
About Hexagon Resources Ltd:
The Company's exploration projects include McIntosh Graphite project, Halls Creek Gold Copper Project, Mabel Down project, Valla Molybdenum project, Geumam graphite project, Taewha Flake Graphite Project and Taewha Flake Graphite Projects. The McIntosh flake graphite project is located along the Great Northern Highway south of port of Wyndham, Western Australia.
Hexagon Resources Ltd.
Tony Cormack, CEO / Head of Operations
Ken Banks, Investor Relations