Dalaroo Metals Ltd (ASX: DAL, 'Dalaroo' or 'Company') is pleased to announce a highly successful capital raising of $2.65 million to fund the next stage of the business's growth through exploration at its Lyons River Project (Au and REE) in the Gascoyne Province, Western Australia, for general working capital purposes and to identify and assess new complementary business opportunities.

The Company has received firm commitments for a share placement of 165,625,000 fully paid ordinary shares in the capital of the Company (New Shares) at $0.016 each to raise $2.65 million (before costs) (Placement) comprising 12,412,500 New Shares to be issued under LR 7.1 to professional and sophisticated investors pursuant to section 208 of the Corporations Act (Cth) to raise a total of $198,600 (Tranche One) and 153,212,500 New Shares in a second tranche to raise a further $2,451,400 which will be subject to shareholder approval (Tranche Two). This includes participation by incoming board members, Bilal Ahmad and Joshua Gordon both of which are subject to shareholder approval.

The Placement includes one free attaching option for every one New Share subscribed for (Attaching Option), exercisable at $0.036 each and expiring 5 years from the date of issue. The issue of the New Shares under Tranche Two of the Placement and all the Attaching Options are subject to shareholder approval at a general meeting expected to be held in August 2024 (EGM).

The capital raising will enable the Company to focus on exploration at the Lyons River Project with potential for gold at its large footprint Goodbody prospect, continue systematic sampling programs of its already defined REE prospects which have potential for clay hosted mineralization and also identify and assess complementary project opportunities.

Contact:

Harjinder Kehal

Managing Director on

Tel: +61 400 044 890

FORWARD-LOOKING INFORMATION

This report may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning the planned exploration program and other statements that are not historical facts. When used in this report, the words 'could', 'plan', 'estimate', 'expect', 'intend', 'should' and similar expressions are forward-looking statements. Although Dalaroo believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forwardlooking statements

(C) 2024 Electronic News Publishing, source ENP Newswire