Power Minerals Limited (ASX: PNN) has raised AU$2.6 million through a placement to sophisticated and professional investors to fund ongoing exploration at its Santa Anna Niobium and REE Carbonatite Project in Brazil. The funds will support final due diligence, including assay analysis from a recently completed 29-hole, 2,272m RC drill program, additional sampling, and corporate costs. The placement was priced at AU$0.05 per share, with one free attaching option (PNNOA) for every two shares, exercisable at AU$0.10 until December 2029. Issuance will occur in two tranches, with a shareholder meeting expected in September to approve the second tranche and further funding of up to AU$1 million. Lead manager Oakley Capital Partners will receive a fee and options package. Power's strategic focus is on confirming high-grade niobium potential to support a resource estimate and advance acquisition plans for the project.
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