Burley Minerals Raises A$2.3M For Australian, Canadian Projects

Burley Minerals Ltd (ASX: BUR) has completed a A$2.3 million capital raise to advance its Western Australian and Canadian projects.

The company’s share purchase plan (SPP), targeting A$500,000, was significantly oversubscribed and closed early on 1 May 2024.

Given the strong shareholder support, the board increased the SPP offer size to A$1 million.

The SPP complemented Burley’s recent placement to institutional, professional and sophisticated investors to raise A$1.3 million.

Iron ore and lithium projects

Burley will use the funds to progress maiden drilling programs at both Broad Flat Well and Cane Bore Iron Ore Projects in the Pilbara, Western Australia.

The company will also advance further exploration targeting its Canadian Lithium Projects.

Maiden drilling at Pilbara iron ore assets

Burley Managing Director Stewart McCallion said: “Burley is excited to announce A$2.3m capital raise has been completed and is very pleased to have seen such a high level of interest from existing shareholders.

 “This additional funding will allow Burley to progress maiden drilling at its Pilbara iron ore assets.

 “It is highly encouraging that its maiden drilling permit has been approved for Broad Flat Well, and regulatory approvals are making headway for Cane Bore.”

Low-cost development potential

McCallion noted that both projects have high-lying Channel Iron Deposits, are easy to access and are close to highways and ports infrastructure, allowing for low capital and operating cost development.

Burley will also continue exploration targeting work on its Canadian lithium projects this Northern Hemisphere summer field season.

 

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