By: Creamer media

Funds raised from the placement will be used for accelerating auger drilling at the Central rutile project and Douala Basin heavy mineral sands (HMS) project including assay costs, mineralogy and the acquisition of additional exploration equipment; costs associated with setting up an in-country laboratory and office; licence fee and acquisition costs; and general working capital purposes.

The placement was strongly supported by a range of new institutional, sophisticated and professional investors introduced to the register, DY6 points out.

The placement was also well supported by a number of existing shareholders, as well as by newly appointed CEO Cliff Fitzhenry and the board collectively for $290 000, with the latter’s participation subject to shareholder approval, the company adds.

“We are very pleased to have received such strong support for the placement which is a testament to the significance and highly prospective nature of our rutile projects recently acquired in what is quickly emerging as a globally significant rutile province,” executive chairperson Dan Smith highlights.

“The strong investor appetite demonstrated in the raising further validates our forward strategy to unlock the potential significant value that exists at Central and Douala.

“With a strengthened balance sheet and a busy upcoming work programme, we look forward to updating shareholders on our progress. I’d like to take this opportunity to thank our shareholders for their continued support and welcome our new shareholders. We would also like to thank Euroz Hartleys and Evolution Capital for their strong support with the raising,” he adds.

Meanwhile, as alluded to, DY6 also appointed Fitzhenry CEO, effectively immediately.

He has been engaged by the company as a technical consultant since April, helping to oversee the exploration of the aforementioned projects.

Fitzhenry is a seasoned exploration geologist with a solid record spanning over 20 years of critical minerals and precious metals exploration throughout Africa and the Middle East, the company points out.

He has held senior management positions, successfully leading teams across all aspects of exploration, development and feasibility studies.

Fitzhenry was previously the senior geologist for ASX-listed Sovereign Metals, where he led the in-country exploration activities delivering the maiden mineral resource estimate, and subsequent resource upgrades, of the Tier 1 Kasiya rutile/graphite project, in Malawi.

He holds MSc and BSc Honours (cum laude) degrees from the University of KwaZulu-Natal, in South Africa, and is a Registered Professional Natural Scientist in South Africa.

“We are fortunate to have secured Cliff as CEO for DY6 Metals at such an important time for the company as we rapidly advance exploration at our Central Rutile and Douala Basin projects in Cameroon.

“With Cliff’s prior involvement on the ground at the world-class Kasiya Rutile and the Lake Chilwa HMS projects in Malawi, he has the right experience to unlock value in these highly prospective projects,” Smith says.

“I am honoured to be appointed as CEO at this pivotal stage in the company’s journey. We have a world class HMS project portfolio and I am particularly excited about our Central Rutile project which looks to be part of what is rapidly emerging as a globally significant rutile province,” Fitzhenry says.

“We have a steady stream of news flow ahead as we move our projects forward following the recent completion of successful reconnaissance programmes on both projects. I’m looking forward to helping build our in-country technical team as we look to unlock value from these highly prospective projects,” he adds.

Following this key appointment, DY6 is now taking steps to appoint further senior management and growing the local team to ensure the company is well staffed to execute on its fast-moving exploration strategy for its rutile assets in Cameroon, the company says.