Northern Star-backed listed explorer Alchemy Resources was asking investors to chip in $4 million on Friday to keep exploration ticking along at its WA and NSW projects.
Alchemy’s projects include Karonie in WA, which neighbours Global Lithium’s Manna deposit and is due to start maiden drilling across 3000 to 5000 metres next week.
The term sheet sent to potential investors said the $4 million placement was for works at all the projects except Byrah and for working capital. Alchemy had a $31.4 million market capitalisation before the offer and about $2 million cash at June 30. Northern Star owns 8.2 per cent of its shares.
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