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Flagship Minerals Raises Nearly AU$3 Million in Strategic Two-Tranche Placement

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Flagship Minerals (ASX:FLG) has secured firm commitments to raise around AU$2.8 million via a two-tranche strategic placement, issuing 11 million new fully paid ordinary shares at AU$0.25 each, according to a Wednesday filing with the Australian bourse.

The raising comprises AU$2.3 million from professional and sophisticated investors through 9 million shares, and AU$500,000 from Xinhai, its strategic engineering, procurement, and construction partner, through 2 million shares, subject to shareholder approval, per the filing.

Tranche one is expected to settle and begin normal trading by May 29, while tranche two is expected to follow on June 29, the filing said.

The funds will be used to support the advancement of feasibility studies, technical programs, and general working capital requirements, the filing added.

The company's shares fell 2% in recent Wednesday trade.

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