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Power Minerals Secures AU$1.7 Million Strategic Investment Via a Share Subscription Agreement with Specialist Resources Investment Fund; Shares Fall 5%

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Power Minerals (ASX:PNN) secured a AU$1.7 million strategic investment via a share subscription agreement with an unrelated international specialist resources investment fund, according to a Thursday Australian bourse filing.

Under the placement, 11.7 million fully paid ordinary Power Minerals shares will be subscribed for AU$0.145 apiece.

The investor will also receive 5.9 million free attaching listed options on the basis of one option for every two subscription shares issued, exercisable at AU$0.10 and with an expiry date of Dec. 31, 2029.

Proceeds will be used to advance its work at the Morro do Ferro rare earth elements project in Brazil.

Its shares fell 5% in recent trading on Thursday.

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