Shaw and Partners is pleased to be appointed as Joint Lead Manager to the proposed capital raising by Elmore (ASX.ELE)

The company is proposing to raise up to approximately $4.3 million by way of a Placement of new ordinary fully paid shares issued at $0.03 per share.

The offer price of $0.03 per share represents a 11.76% discount to the Company’s last traded price of $0.03400, a 14.74% discount to the 5-day VWAP (A$0.03519) and a 14.10% discount to the 10-day VWAP (A$0.03492).

Funds from the placement will be applied towards the purchase of plant and equipment for copper cobalt processing at Peko project; deconstruction and movement of purchased plant and Territory Minerals project development.

Elmore is an ASX-listed company providing equipment and expertise to mining companies to deliver saleable products, and more recently has purchased the Peko project and surrounding tenements to operate the resource in house. Elmore recently received payment for its first high grade magnetite shipment. https://elmoreltd.com.au/

The offer is available to Australian Sophisticated and Professional Investors only.