- Matador Mining (MZZ) successfully raises $16 million by way of a placement
- A total of 28.5 million shares were issued to Australian and international institutional investors at 56 cents
- Matador will use the funds to expand and accelerate exploration activities at the Cape Ray Gold Project in Canada
- In particular, the company will expand diamond drilling from 20,000 metres to 45,000 metres and increase power auger drilling capacity from three to five rigs
- Shares in Matador are up 4.55 per cent and are trading at 46 cents at 12:49 pm AEST.
Matador Mining (MZZ) has successfully raised $16 million by way of a placement.
A total of 28.5 million shares were issued to Australian and international institutional investors at 56 cents.
This price represented a 28 per cent premium to Matador shares on June 24 of 44 cents and an 18 per cent premium to the 10-day volume-weighted average price of 48 cents.
Matador will use the funds to expand and accelerate exploration activities at the Cape Ray Gold Project in Canada.
This includes expanding diamond drilling from 20,000 metres to 45,000 metres, increasing power auger drilling capacity from three to five rigs and increasing the heli-mag program from 40 kilometres to 80 kilometres.
“To have such strong demand highlights the market support for our exploration strategy to systematically test the potential of our Cape Ray Gold Project in Newfoundland, Canada,” Executive Chairman Ian Murray commented.
“These additional funds now mean that we can materially accelerate our work program, with the aim of advancing the timing of new discoveries.”
Shares in Matador were up 4.55 per cent and were trading at 46 cents at 12:49 pm AEST.