Patriot secures $3 million placement to accelerate key exploration projects
Patriot Resources Ltd. is pleased to announce it has received firm commitments to raise $3,000,000 (before costs) through a placement of new fully paid ordinary shares at an issue price of $0.055 per share, representing a 10% discount to the last share trade.
The placement will be completed in two tranches: 51,985,455 shares will be allotted on 28 August 2026, raising approximately $2,859,200, with a further 2,560,000 shares to be issued to Executive Chairman Mr Hugh Warner, raising $140,800, subject to shareholder approval.
Proceeds from the placement will support the initial drilling program at the Company’s high-grade silver-gold Tassa deposit in Peru. Funds will also be applied to geological mapping, sampling, and target generation across the northern portion of the Tassa Project, where Patriot recently secured an agreement with the Pachamayo Community. Additionally, exploration activities will continue at the Kitumba Copper Project in Zambia. Remaining funds will cover general working capital and costs associated with the offer.
CPS Capital Group acted as lead broker for the placement and will receive a fee of 6% of funds raised. The Group will also be granted 5,000,000 unlisted options exercisable at $0.0825 each, a 50% premium to the placement price. An additional 1,750,000 options will be issued to other brokers who participated in the raising.
This capital raise positions Patriot Resources to significantly advance exploration efforts in Peru and Zambia, driving progress on its high-potential mineral projects and delivering value to shareholders.
