Strategic Elements (ASX:SOR) has raised $1.24 million through its oversubscribed share purchase plan to fund work on its ground-breaking nanocube memory technology and search for copper in Western Australia's Officer Basin.
The company had received applications for over $2,171,000 worth of shares under the SPP priced at $0.03, almost three times above the initial $750,000 it was seeking.
Shares in the company last traded at $0.16, which is over five times the SPP issue price.
It subsequently move to increase the total amount raised to $1,242,000.
Proceeds will also be allocated to assist with drilling approvals and permits required to test the high grade Pioneer Shoot under the historic high grade Aorangi Gold Mine in New Zealand.
Nanocube Memory technology
In May, the company agreed to back the revolutionary nanocube memory technology developed by the University of New South Wales that targets the US$78 billion global memory markets.
The technology consists of tiny cube-shaped memory cells with potential to enable massive amounts of data to be stored on smaller, faster memory chips.
The nanocubes are intended to be stacked like Lego in 3D directly on top of standard silicon wafers, potentially making it highly cost effective to fabricate within existing infrastructure of global players.
Testing has proven that data can be reliably stored in and retrieved from the nanocube memory cells.
Accurately repeating this over 200,000 times in testing also proved exceptional reliability.
The company's wholly-owned subsidiary Australian Advanced Materials is starting prototype development, which is expected to take about six months.
Significant progress can now be made at a fast pace with key developments intended in the near term.
While no one knows how quickly the market will move towards the technology, it is clear that current technology being used will very quickly hit a wall in terms of scaling.
Officer Basin Exploration
Funds from the SPP will also be allocated to its wholly-owned Maria Resources Pty Ltd, which is pursuing a collaboration with Dr Franco Pirajno to explore WA deserts for mineral systems and models more commonly found overseas.
The initial project in the Great Victoria and Gibson deserts is seeking a Polish style of copper called Kupferscheifer and has over 190 kilometres of outcrop for low cost exploration.
Highly anomalous copper has been identified in several historic drill holes 8 kilometres apart with all the hallmarks of Kupferscheifer, providing a clear exploration focus.
New Zealand Gold
In New Zealand, its wholly-owned subsidiary Strategic Materials Pty Ltd is progressing drilling approvals and permits required to test the high grade Pioneer Shoot under the historic high grade Aorangi Gold Mine.
Recent extensive investigation uncovered lost mining data which provided exceptional grades, such as: 663.9g/t gold over 0.75 metres, including 5342.5g/t gold over 0.25 metres.
The overwhelming response to the Share Purchase Plan sets the stage for rapid progress on the exciting nanocube memory technology as well as the copper exploration collaboration with Dr Franco Pirajno.
In particular, securing even a small piece of the US$78 billion memory technology market will be a massive prize for Strategic Elements.
The hunt for copper in the largely unexplored Officer Basin also offers significant upside given the positive long-term outlook for copper.
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