Infinity Mining Limited (ASX:IMI) has completed a placement raising A$201,500 before costs through the issue of 31,000,000 new fully paid ordinary shares at A$0.0065 per share, with the company also disclosing that director Dr James Xiao has left the board effective immediately.

Key Points

  • Placement raised A$201,500 (before costs) via 31,000,000 new fully paid ordinary shares at A$0.0065 per share
  • Placement was offered to sophisticated and professional investors, with funds directed to general working capital requirements
  • Mining One Pty Ltd, the company's strategic technical alliance and farm-in partner for the Victorian Tanjil project, participated in the placement
  • CPS Capital Group Pty Ltd appointed as Lead Manager and Broker, receiving a management fee of 2% and a raising fee of 4% (excluding GST) of funds raised
  • Dr James Xiao has departed the board effective the date of the filing, following contributions to the Orivium Extraction project

Placement Structure and Allocation

The 31,000,000 new fully paid ordinary shares will be issued under the company's existing placement capacity pursuant to ASX Listing Rule 7.1 and will rank equally with existing fully paid ordinary shares on issue. The placement was offered to sophisticated and professional investors. CPS Capital Group Pty Ltd was appointed as Lead Manager and Broker to the placement and will receive a management fee of 2% and a raising fee of 4%, both excluding GST, calculated on the funds raised under the placement. Funds are to be applied towards the company's general working capital requirements.

Mining One Participation in the Placement

Mining One Pty Ltd, described in the filing as Infinity Mining's strategic technical alliance and farm-in partner for the Victorian Tanjil project, participated in the placement. The filing does not disclose the number of shares subscribed by Mining One or the dollar value of their participation. The Tanjil project is among the assets held within Infinity Mining's portfolio, which also includes the Cangai Project in New South Wales, the Tanjil Bren and Walhalla South Extended joint venture projects in Victoria, and the Hillside Project in the East Pilbara in Western Australia.

Dr James Xiao Board Departure

Dr James Xiao has left the Infinity Mining board effective the date of the filing. According to the company disclosure, Dr Xiao assisted with the completion of the company's re-focus and provided considerable technical input to the Orivium Extraction project. The filing states the company thanked him for his valuable input. No replacement director was announced in the filing. Infinity Mining also holds binding arrangements with Orivium Global Pte Ltd in relation to the use of Orivium processing technology for Cangai feedstock and e-waste.