Raisebook

Copper Exploration | Lachlan Ford Belt | $6.2M EV
Locksley Resources Ltd
Locksley Resources Ltd
Unlisted
  • Exploration and development of copper and gold in the world class Lachlan Ford Belt of NSW
  • Exploration target of between 7 Mt at 2% Cu and 1.0 g/t Au and 14 Mt at 1.2% Cu and 0.5 g/t Au (proposed by Independent Geologist).
  • Market cap of $11.2M on offer completion (undiluted), $6.2M Enterprise Value.
Raise Amount
$5,000,000
Offer Price
$0.2000
Closes
Jun 3, 2021

Locksley Resources Ltd was incorporated for the purpose of exploring and developing copper and gold deposits in the world class Lachlan Ford Belt of NSW, Australia.

Locksley has recently entered into a tenement sale agreement to acquire a 100% legal and beneficial interest in the Tottenham Project.

The Tottenham Project contains an impressive group of gold and copper assets, including an Exploration Target at the Carolina and Mount Royal prospects.

Locksley intends to drill test with the intent of defining and reporting Mineral Resources.

Intermediate and greenfield stage prospects include those which have been identified and copper mineralization has been intersected, but further exploration is required to prove continuity.

There is a historical Mineral Resource estimate at Tottenham reported by previous operators that the Company considers to be superseded by its re-interpretation of the geology.

This Mineral Resource estimate reported 7.37 million tonnes @ 1.2% copper and 0.4g/t of gold for 86,100 tonnes of contained copper and 90,000 ounces of contained gold at the Mount Royal and Carolina areas and forms the basis of an Exploration Target proposed by the Independent Geologist (refer Disclosure Document available on this page).

The Company’s Independent Expert Geologist has used the Mineral Resources estimate to postulate an Exploration Target of between 7 Mt at 2% Cu and 1.0 g/t Au and 14 Mt at 1.2% Cu and 0.5 g/t Au.

Refer to the Independent Geologist’s Report in Annexure A in the Disclosure Document for further details regarding the Exploration Target at the Carolina and Mount Royal prospects.

The Offer

Locksley Resources Ltd (ACN 629 672 144) is offering 25 million shares at an issue price of $0.20 per Share to raise $5M.

The Lead Manager to the offer is Barclay Pearce.

The offer of the securities are made in, or accompanied by, a copy of the Disclosure Document which can be obtained by clicking on the "ACCESS DISCLOSURE DOCUMENT" button on this page.

Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the Disclosure Document.

Before making an investment decision, potential investors should read the Disclosure Documents entirely, and seek professional financial advice.

Investors should be aware that there are risks associated with an investment in this Company.

The Company cautions that an Exploration Target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where there has been insufficient exploration to estimate a Mineral Resource, that the potential quantity and grade is conceptual in nature and that it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Refer to Section 5 of the Disclosure Document for details of some of the key risks associated with an investment in the Company that should be considered by prospective investors.

Key Offer Details

Full $5M Subscription
Shares on issue at date of prospectus 11,000,001
Shares to be issued under the Public Offer 25,000,000
Shares to be issued under the Vendor Offer 20,000,000
Total Shares on issue on completion of the Offers 56,000,001
Options on issue at date of prospectus 4,000,000
Options to be issued under the Vendor Offer 5,000,000
Total Options on issue on completion of the Offers 9,000,000
Gross Proceeds of the Public Offer $5,000,000
Market Cap on completion of the Offers (undiluted) $11,200,000
Fully diluted share capital 65,000,001

Notes:

  • All options are exercisable at $0.25 on or before the date that is three years from the date of issue.
  • Certain securities will be subject to ASX imposed escrow - refer Disclosure Document for further details.

Indicative Timetable

Event Date
Closing Date 23rd June 2021
Allotment and issue of securities 30th June 2021
Completion of the acquistion 30th June 2021
Expected dispatch of holding statements 1st July 2021
Shares expected to begin trading on ASX 8th July 2021
This deal closed on June 03, 2021