Lion Selection Group Takes Up Full Entitlement in Plutonic's AU$3.5 Million Entitlement Offer

MT Newswires Live

Jun 16

Lion Selection Group (ASX:LSX) said Plutonic completed its entitlement offer, raising a total of AU$3.5 million from existing shareholders and new investors, in which Lion took up its full entitlement of AU$1.6 million, according to a Tuesday Australian bourse filing.

Lion's stake in Plutonic is currently 42.2%.

The offer was priced at AU$0.12 per share. The funds raised by Plutonic will be used for the maiden drilling of a copper-gold target in the Northern Territory.

Plutonic was awarded a collaborative drilling grant as part of the Northern Territory government's Geophysics and Drilling Collaborations program, and it will receive up to AI$181,011 as co-funding for one of the planned deep diamond drill holes at the Ridonkulous prospect.

Lion's shares fell 1% in recent trading on Tuesday.

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