FMR Resources Raises AU$3.4 million to Advance Southern Porphyry Exploration

FMR Resources Limited (ASX: FMR) has secured firm commitments for an AU$3.4 million equity placement to accelerate drilling at its high-priority Southern Porphyry target. The placement, cornerstoned by major shareholder Mark Creasy, attracted strong support from existing investors along with new institutional and sophisticated investors. Conducted at AU$0.36 per share, a 10.2% discount to the 15-day VWAP, the raising will be completed in two tranches: Tranche 1, using the Company’s existing placement capacity, will issue 8,341,417 shares to raise AU$3.0 million, while Tranche 2 will issue 1,103,028 shares, raising AU$397,090 subject to shareholder approval.

Joint Lead Managers Inyati Capital and Euroz Hartleys oversaw the placement. Funds will be directed toward advancing exploration across the flagship Llahuin Project in Chile, Canadian assets, and general working capital. Managing Director Oliver Kiddie said the raising positions FMR to fast-track its exploration schedule and commence Phase I drilling at Southern Porphyry, with the objective of a transformative discovery.

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