The Board of Six Sigma Metals Limited is pleased to announce that $1,600,000 has been raised in a placement following strong interest from a number of sophisticated and professional investors. The Company will issue fully paid ordinary shares at $0.015 per share with free attaching quoted options (SI6OC) on the basis of two free options for every five shares subscribed under the placement.
The placement will be completed in two tranches as follows:
Tranche 1: 75,333,333 shares will be issued utilising the available placement capacity under ASX Listing Rules 7.1 and 7.1A raising $1,130,000 (before costs). It is expected that this tranche of the placement will settle prior to the end of December 2017
Tranche 2: 31,333,333 shares will be issued with shareholder approval raising $470,000 (before costs). This tranche of the placement will settle after the General Meeting which is planned to be held in February/March 2018.
The issue of the options will be subject to shareholder approval which will be sought at the same General Meeting in 2018.
Use of funds raised
The Company intends to apply the additional capital raised to fund exploration on the existing tenement portfolio, potential new ventures, working capital and to pay the costs of the placement.
Xcel Capital Pty Ltd (“Xcel”) acted as Lead Manager to the Placement.
Subject to shareholder approval, Mr Ed Bulseco, or his related entities, will subscribe for up to 3,333,333 shares ($50,000) in Tranche 2 of the placement. Xcel will be paid a placement fee of 6% of the total capital raised plus GST. Mr Ed Bulseco is a Director and substantial shareholder of Xcel.
Further to the announcement released on Monday 18 December, additional samples from the recent drilling program are being assayed and the results are expected to be received shortly.
Exceptional Shallow High-Grade Copper And Silver Drill Results From Dibete Prospect In Botswana
The Board of Six Sigma Metals Limited is pleased to announce that the second batch of results from the Reverse Circulation (RC) drill program targeting copper and silver mineralisation at the Dibete and Airstrip Copper projects in North-eastern Botswana (see ASX announcement 4 September 2017) have been received and have revealed further broad thicknesses of high-grade copper and silver mineralisation.
Dibete 6100N Zone:
DBRC129: 13m @ 2.11% Cu, 37.8g/t Ag from 37m; Including: 2m @ 7.09% Cu, 178g/t Ag from 46m
DBRC130: 13m @ 1.9% Cu, 61.9g/t Ag from 41m; Including: 3m @ 5.39% Cu, 240g/t Ag from 51m
DBRC131: 2m @ 5.07% Cu, <1g/t Ag from 30m; And 6m @ 4.46% Cu, 162 g/t Ag from 38m; Including: 2m @ 10.9% Cu, 445 g/t Ag from 42m
DBRC133: 10m @ 2.04% Cu, 15.6g/t Ag from 7m; Including: 2m @ 7.03% Cu, 9g/t Ag from 12m
Dibete 6400N Zone:
DBRC135: 9m @ 1.79% Cu, 32.7g/t Ag from 24m; Including: 1m @ 5.25% Cu, 69g/t Ag from 27m
The results from Dibete support the previously released results (see ASX announcement 16/11/2017) that returned highlights of:
DBRC123: 17m @ 1.48% Cu, 45g/t Ag, from 15m; Including: 3m @ 5.44% Cu, 175g/t Ag, from 25m
DBRC124: 25m @ 2.17% Cu, 77g/t Ag, from 27m; Including: 4m @ 5.16% Cu, 104 g/t Ag, from 32m And 3m @ 6.9% Cu, 388 g/t Ag from 49m
The Board of SI6 is highly encouraged by the thick, high-grade tenor of copper and silver returned in the drilling results. The drilling at Dibete has now defined a cumulative strike length of mineralisation from two lodes of over 400m with both zones remaining open and untested by drilling along strike and at depth. Future exploration programs will target the strike extensions of the shallow mineralised zones as well as the deeper source to this significant mineralisation.
All remaining samples from the drill program are currently undergoing analysis at an independent laboratory in South Africa. The Company will keep the market informed of the assay results as they come are received.
In addition to its copper exploration program, SI6 continues to assess the Cobalt and Tantalum potential of the company’s Botswana tenure.
Change Of Name, Issue Of Spp Shares And Appendix 3b
Change of name
Following the approval of shareholders at the Annual General Meeting of the Company on 27 November 2017, the change of name of the Company from BOTSWANA METALS LIMITED to SIX SIGMA METALS LIMITED has been registered by ASIC.
ASX has advised that the change of name will take effect in relation to the Company’s securities on 11 December 2017, after which the Company’s shares will be quoted under the new stock code SI6.
Issue of shares under SPP
The Company advises that it has issued 547,294,744 pre-consolidation shares to the successful applicants under the Share Purchase Plan (“SPP”). The SPP shares were issued pursuant to an offer made under ASIC Class Order [CO 09/425].
In accordance with the terms of the SPP, successful applicants under the SPP are entitled to receive one (1) free attaching option for every three (3) shares allocated to them under the SPP. The Company has been advised that, due to ASX technical requirements, it is not possible for the Company to issue the options until after the Company’s securities are consolidated. It is expected that the options will be issued to successful applicants on Friday 8 December 2017.
The Company advises that its founder, and long serving Executive Chairman, Mr Pat Volpe has resigned effective today as Executive Chairman, and as a Director, of the Company to pursue other business interests.
Mr Volpe’s tenure, which commenced over ten years ago in 2007, has encompassed several key discoveries by the Company, the negotiations which lead to the agreement with BCL Limited and the declaration of the Company’s first maiden JORC compliant resource.
Mr Ed Bulseco has been appointed as Non-executive Chairman.
The Directors express their sincere appreciation to Mr Volpe for his role in founding the Company and his service over many years and they wish Mr Volpe all the best with his future endeavours.