Matador Mining (ASX:MZZ) secures extra $500k in placement

• Matador Mining (MZZ) secures an extra $496,000 in its placement to fund exploration at its Cape Ray gold project in Canada
• This will see the issue of an additional 4.31 million shares at a price of 11.5 cents each, bringing the total amount raised to $5 million
• The extra funds come from a large shareholder who was eager to participate in the previous placement but was unable to due to timing restrictions with paperwork and compliance
• The company has also planned to launch a share purchase plan to raise up to $1 million on the same terms as the placement
• Shares in the company last traded at 14.5 cents each on July 18

Matador Mining (MZZ) has secured an extra $496,000 in its placement to fund exploration at its Cape Ray gold project in Canada.

This will see the issue of an additional 4.31 million shares at a price of 11.5 cents each, bringing the total amount raised to $5 million.

The extra funds came from a large shareholder who was eager to participate in the previous placement but was unable to due to timing restrictions with paperwork and compliance.

CEO Sam Pazuki said the company will work tirelessly to ensure it unlocks value for shareholders.

“Having the continued support of one of our largest shareholders, to go along with the support we recently received from many other large existing and new shareholders is a tremendous vote of confidence in our strategy to grow our mineral resource base through major new discoveries,” he said.

The company has also planned to launch a share purchase plan to raise up to $1 million on the same terms as the placement.

Shares in the company last traded at 14.5 cents each on July 18.