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- Maximus Resources (MXR) completes a strongly supported bookbuild to raise up to around $12 million
- More than 176 million shares will be issued at 6.8 cents – a 10.5 per cent discount to the company’s close of 7.6 cents on August 13
- The placement introduced Pantoro (PNR) as a cornerstone investor with a 19.9 per cent holding who, subject to shareholder approval, will appoint a director
- Maximus will use the money from the placement to accelerate gold and nickel exploration across the Spargoville tenements
- Shares in Maximus are up 3.95 per cent and are trading at 7.9 cents at 3:13 pm AEST
Maximus Resources (MXR) has completed a strongly supported bookbuild to raise up to roughly $12 million.
The company entered a trading halt on August 16 but did not disclose how much it intended to raise or what it would use the funds for.
The placement will be completed in two phases with phase one set to issue 12,182,343 shares at 6.8 cents to raise $800,000.
This issue price represents a 10.5 per cent discount to Maximus’ close of 7.6 cents on August 13 and an 11.2 per cent discount to the 30-day volume-weighted average price.
Phase two, which is subject to shareholder approval, will issue 164,288,246 shares to raise the remaining funds.
In addition, 10 million broker options will be issued, exercisable at 8.5 cents with expiry three years from issue.
The placement introduced Pantoro (PNR) as a cornerstone investor with a 19.9 per cent holding.
Subject to shareholder approval, Pantoro will have the right to nominate one director to Maximus’ board.
Pantoro Managing Director Paul Cmrlec is excited by this opportunity.
“Pantoro is excited by the opportunity to invest in Maximus Resources,” Mr Cmrlec said.
“Pantoro is confident that Maximus, now properly funded, will continue its success in definition of substantial resources within its tenements.”
Maximus will use the money from the placement to accelerate gold and nickel exploration across the Spargoville tenements.
Maximus Managing Director Tim Wither commented on the placement.
“We are delighted with the strong support received for the placement, which means Maximus is fully funded to advance our exciting gold and nickel exploration programs across the Spargoville tenements, with particular focus on our Wattle Dam Project,” Mr Wither commented.
“We will actively work together [with Pantoro] to explore opportunities to maximise the high-grade gold and nickel potential across both our respective tenement packages.”
Shares in Maximus were up 3.95 per cent and were trading at 7.9 cents at 3:13 pm AEST.
