Jangada Mines, a natural resources company having its major focus on the Pedra Branca PGM project in north east Brazil, announced that it has raised £1.25 million via a placing of 13,888,888 new Ordinary shares of £0.0004 each at a price of £0.09 per Placing Share through Brandon Hill Capital.
The net proceeds of the Placing will mainly be used for the continued development of the Company’s 100%-owned Pitombeiras Vanadium Project, Ceará State, Brazil.
The Company has been making great strides in its development of the Pitombeiras Vanadium Project, recently announcing the results of a Preliminary Economic Assessment (PEA), which confirmed that Pitombeiras has robust economics and excellent potential to become a profitable producer of Ferrovanadium concentrate.
Jangada is focused on maintaining the positive momentum behind the Project and the net proceeds raised will provide sufficient resources to fund ongoing work streams as part of a revised PEA currently underway, which the Company believes has the potential to further improve the Project’s economics.
The revised PEA is expected to be completed in Q2 2021 and will incorporate the results of the current ongoing drilling programme, which is focused on expanding the Project’s mineral resource base and the completion of metallurgical testing, which will provide the basis for product placement discussions with potential traders and off-takers.
Brian McMaster, Executive Chairman of Jangada, said: “We are delighted to have received such strong support in completing this placing, which further strengthens our confidence in the Pitombeiras Vanadium Project. The recent PEA confirmed that Pitombeiras is a project with very robust economics and remarkable potential for further growth. These funds will allow us to continue to demonstrate this during the first half of 2021 as we look to complete the drilling programme at the Project, deliver upgraded and expanded resources and complete the new metallurgical tests, which will provide the basis for discussions with potential traders and off-takers. The Company is now fully funded to complete the next stages of its work programme. I look forward to providing further updates as we make progress with these workstreams.”
Clear Capital Markets assisted the company’s corporate broker in this fundraise. If you are interested in raising funds or taking part in future company fundraisings, please contact us.
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