Miramar Resources Limited (ASX:M2R) has received firm commitments from new and existing sophisticated investors to raise approximately A$2.4 million by way of an oversubscribed Placement.
The company has also revealed it is undertaking an Underwritten Option Rights Issue for existing Shareholders.
Funds raised under the Placement and Option Rights Issue will be used to accelerate exploration activities at the company’s 80%-owned Gidji JV Project, conduct further exploration at the company’s other projects in the Eastern Goldfields, Murchison and Gascoyne regions of WA, and provide working capital.
Gidji JV Exploration
Executive Chairman, Allan Kelly, said the capital raising would allow the company to accelerate drilling programmes across the Gidji JV Project without affecting exploration activities across its other highly prospective projects.
“Since listing, we have confirmed that the Gidji JV Project has the potential to host multiple new gold deposits in close proximity to existing mining and processing infrastructure,” Mr Kelly said.
“This capital raising will allow for a step change in the pace of activity at Gidji, and we have multiple aircore, RC and diamond drill programmes lined up ready to commence in the short term,” he said. “We are very pleased with the response to the Placement and look forward to continuing to unlock the value of the Gidji JV Project for our shareholders.
The company has just completed an aircore drilling campaign testing the Blackfriars and Highway targets, with samples submitted and assays pending.
Planning for testing of Boorara North, 8-Mile and The Jog is also underway whilst follow-up of the recent high-grade gold results from the December 2021 aircore programme, and testing of potential nickel sulphide targets, is also planned.
Underwritten Option Rights Issue
Miramar now intends to complete a fully underwritten non-renounceable rights issue of options in June 2022. The rights issue Options will be on the same terms and conditions as the Placement Options
It is proposed that PAC Partners Securities Pty Ltd will fully underwrite the Option Rights Issue and receive an underwriting fee of 6% of the underwritten amount in the Option Rights Issue, payable in Options on the same terms as the Option Rights Issue (Underwriting Options.
For further information please visit: https://www.miramarresources.com.au/
