ASX:PNN

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

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.