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Broken Hill Prospecting raises funds to accelerate exploration

The date of: 2020-06-11
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Broken Hill Prospecting raises funds to accelerate exploration and development of US rare earth project

source:Proactive Investors Australia

The company has agreed terms with sophisticated and professional investors to raise approximately A$496,500 and is now well-positioned to further advance its La Paz Rare Earth Project in Arizona.

Broken Hill Prospecting Ltd (ASX:BPL) has received firm commitments from sophisticated and professional investors for a placement which will raise almost A$500,000.

The company is now well-positioned to further advance its 100%‐owned La Paz Rare Earths Project in Arizona, USA, with funds raised to be used to fund the expansion, exploration and economic evaluation of the project.

“Transformation to developer”

Chairman Creagh O’Connor said: “As BPL announced on March 12, 2020, the transformation of the company to developer with a world-class rare earth project is well underway.

“Rare earth is a key US strategic resource, which through its development is made available to provide its output for US‐based processing.

“The potential opportunity to capitalise on growing developments in the REE market is substantial.

“We believe that localising the management and operations of the company in the US is an important step in ensuring the enhancement of value of the project and the company.”

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