Somerset Minerals Limited (ASX:SMM)

ALERT: Price-sensitive ASX Announcement for SMM

Current share price for SMM : $0.007 -0.007 (-50%)⁺

Announcement

$3.7m Placement To Fund Aggressive Exploration

Release

10 Dec 2025 9:29AM

Price at Release

$0.014

Full Release

Summary

Somerset Minerals Limited announced a $3.7 million fundraise through the issuance of new shares, aimed at supporting aggressive exploration activities. The fundraising includes a $2.5 million placement at a premium through Canadian 'flow-through' shares and a $1.2 million placement at a discount for sophisticated investors. These funds will be directed towards Phase Two exploration at the Coppermine Project in Canada, focusing on resource growth and new discoveries. The Jura North site is a key focus, with plans for diamond and reverse circulation drilling to extend mineralization. The wider exploration program targets regional geochemical and geophysical anomalies, leveraging the company's extensive landholdings and historical data to identify new copper discoveries.

Key Points

Firm commitments received to raise $3.7 million through share placements.
A$2.5 million in 'Flow-Through' shares at a 29% premium; A$1.2 million placement at a 14% discount.
Funding will support aggressive exploration activities at the Coppermine Project.
Focus on Jura North with planned diamond and reverse circulation drilling.
Targeting regional geochemical and geophysical anomalies for new copper discoveries.

IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.