Armada is seeking A$8-10 million at 20c to fund exploration for base metals in Gabon, where it is active in assessing the 2991sq.km Nyanga project for magmatic nickel-copper sulphide.
About US$10 million has been spent over the two exploration licences in the past, initially for sediment-hosted base metal/copper deposits, by past owners such as Phelps Dodge and BHP, who saw analogies with the Bas Congo and Katanga Basin sequences in the Democratic Republic of the Congo.
Armada moved in a decade ago, but found only minor anomalous copper and zinc during drilling in 2014-15 and re-interpreted the area with an eye for intrusive-hosted magmatic targets.
Armada has budgeted up to A$8 million on exploration.
One of the leases, covering 1496sq.km expired in April, and the company is hopeful its renewal application will be accepted, although for the moment there are no funds allocated the application.
The leases cover the western margin of the Nyanga Basin, and much of the understanding of the geology has been generated by geophysical airborne magnetic and radiometric data, with an apparent Eburnian basement gneiss complex running through the area, which appears to have controlled emplacement of mafic-ultramafic intrusive complexes.
Over the past few years, Armada has compiled the existing data and flew a helicopter EM survey earlier this year over 203sq.km to image five targets along the 25km-long Libonga-Matchiti Trend, defining 28 plates.
The Libonga North, Libonga South and Matchiti Central targets have been highlighted for post-IPO exploration.
Armada's board includes renowned geologist Dr Ross McGowan as managing director, Greenwing Resources chairman and lawyer Rick Anthon as chairman, with non-executives, Cobre's Martin Holland and Metal Tiger's David McNeilly.
Following the raising, Armada will be majority owned by McGowan's RED Capital, Cobre, Metal Tiger, and RCF, who will control between 57-63%, with many of the shares to be escrowed for up to two years.
Cobre, Metal Tiger and RCF announced an investment in Armada earlier this year.
