Article

Anax Metals Limited has announced a $10 million capital raising through a placement of approximately 434.8 million new shares at an issue price of $0.023 each. The placement, backed by institutional investors, aims to repay the Jetosea Loan B and fund project development activities, exploration, and working capital.

Jetosea and Gold Valley have committed $1.34 million and $1.50 million, respectively, to the offering. Following the placement, Anax anticipates a stronger financial position, facilitating debt and off-take discussions for the Whim Creek Copper Project. The placement is structured in two tranches, with the first tranche already utilizing existing placement capacity.