Moho Resources (ASX:MOH) set to raise $974k for exploration

• Moho Resources (MOH) receives firm commitments to raise $974,562 via a share placement
• The funds will be raised through the issue of more than 29.5 million shares to sophisticated and professional investors at 3.3 cents each
• Further, Moho will issue one free attaching option for every one share issued, exercisable at 5 cents and expiring on January 31, 2024
• Moho will use the money to undertake exploration at its Black Swan South and Manjimup projects with work to consist of reverse circulation drilling and geophysical surveys
• Shares in Moho are up 11.8 per cent on the market and are trading at 3.8 cents at 1:05 pm AEST

Moho Resources (MOH) has received firm commitments to raise $974,562 via a share placement.

The funds will be raised through the issue of 29,532,169 shares to sophisticated and professional investors at 3.3 cents each.

Further, Moho will issue one free attaching option for every one share issued, exercisable at 5 cents and expiring on January 31, 2024.

RM Corporate Finance will act as Lead Manager and, subject to shareholder approval, will receive a fee of six per cent of the funds raised and 635,000 ordinary shares.

Moho will use the money to undertake exploration at its Black Swan South project where 1800 metres of reverse circulation drilling will be carried out to test the basal contact of the ultramafic unit.

A downhole electromagnetic (EM) survey will also be completed across selected holes and a ground EM survey will be completed over magnetic anomalies to assess the potential for further nickel targets.

Moho will also put money towards the Manjimup project with upcoming work including an orientation soil sampling survey, geological mapping, flora and fauna surveys, and geophysical surveys.

“Moho is delighted with the positive market response to our capital raising in particularly difficult market conditions and appreciates the valuable support provided by RM Corporate,” Managing Director Shane Sadleir said.

Shares in Moho were up 11.8 per cent on the market and were trading at 3.8 cents at 1:05 pm AEST.