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Adavale Resources (ASX:ADD) secures over $1M for exploration in Tanzania
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Adavale Resources (ADD) says it has secured firm commitments for a $1.4 million placement to fund exploration activities at its licenses in Tanzania
The company intends to issue 35 million fully paid ordinary shares at a price of $0.04 each
Investors will receive one free unlisted option for every four shares purchased, exercisable at a price of $0.06 per share for a period of 24 months
Initial work at the licenses will include geological mapping, geochemical soil sampling, trenching and pitting, with a drill program scheduled for the first half of 2021