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Encounter Resources Limited has received firm commitments to raise A$10 million through a share placement at A$0.25 per share.
The funds will primarily be used for accelerated exploration at the Aileron Project in the West Arunta region, copper and critical mineral exploration in the Northern Territory and Western Australia, and general working capital.
Canaccord Genuity (Australia) Limited and Chieftain Securities (WA) Pty Ltd acted as Joint Lead Managers for the placement and will receive options exercisable at A$0.50 per option on completion.