Winmar Resources Limited (to be renamed Pathfinder Resources Limited, proposed ASX: PF1) is a junior resource and exploration company which has a conditional right to acquire the historic King Tut gold project in the well-known gold mining region, La Rioja Province in Argentina (King Tut Project).
The King Tut Project is a historic gold and cobalt mining operation located in the La Rioja province on the western boundary of Argentina, close to the Chilean border in the eastern portion of the Andes
Post-1950’s, a mine was developed in the King Tut Project area, however, there has been no formal exploration or drilling campaign on the mineralised veins of the Project. All historic exploration work to date has been limited to grab samples and incomplete mapping.
Although there is a lack of detailed information from past explorers in relation to the mining completed, the prospect itself is well defined in the area around the old mine workings and, as such, there is sufficient information from which the Company plans to derive an understanding of the potential resource size and scale.
Following the completion of the acquisition of the King Tut Project and the associated admission of the Company to the Official List of the ASX, the Company’s experienced Board and management team intends to immediately commence an aggressive exploration program at the King Tut Project, focused on quickly establishing an initial JORC compliant resource and establishing the potential size and scale of the entire Project area through exploration and drilling across the tenement package.
The Company believes the historic King Tut Mine has the potential to be a window into a significantly larger mineralised system.
The Company believes that the King Tut Project, which is located in one of Argentina’s best-known gold mining regions, potentially offers significant exploration upside and a transaction which the Board considers has the ability to deliver significant value for Shareholders.
The Company will also consider further M&A activity where appropriate, with a view to growing the Company and creating further value for Shareholders.
Winmar Resources Limited - to be renamed Pathfinder Resources Limited (ACN 085 905 997, proposed ASX:PF1) is seeking to raise $5,000,000 and a maximum of $6,000,000 through the issue of Shares at an issue price of $0.20 per Share.
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.
ARQ Capital is acting as Lead Manager to the General Public Offer.
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.
A complete set of risks associated with an investment in the Company is included in Section 7 of the Disclosure Document. Investors should consider those risks carefully in deciding whether to invest in the Company.
|Minimum Subscription||Maximum Subscription|
|Shares currently on issue||15,689,756||15,689,756|
|Shares to be issued pursuant to the Public Offer||25,000,000||30,000,000|
|Shares to be issued under the Secondary Offers||11,223,724||11,223,724|
|Other Shares to be issued||1,053,750||1,053,750|
|Total Shares on completion of the Offers and the Acquisition||52,967,230||57,967,230|