- Maximus Resources (MXR) has completed a strongly supported bookbuild to raise roughly $3.18 million
- The company will now issue more than 31.5 million fully paid ordinary shares to institutional, sophisticated and existing shareholders at a price of 9.5 cents each
- Further, company directors have committed to subscribe for $180,000 through the issue of an additional 1.89 million shares
- However, this is subject to shareholder approval at Maximus’ annual general meeting scheduled for mid-October
- Maximus will use the money to accelerate exploration programs at prospects around the Wattle Dam Gold Mine where up to 245g/t gold was intersected
- The funds will also go towards the additional exploration across its Spargoville tenements and complete studies needed for the Larkinville and Eagles Nest resources
- After being reinstated, Maximus is up an even 10 per cent and shares are trading for 16.5 cents each
Maximus Resources (MXR) has completed a strongly supported bookbuild to raise roughly $3.18 million.
The company will now issue 31,578,947 fully paid ordinary shares to institutional, sophisticated and existing shareholders at a price of 9.5 cents each.
This price represents a 14 per cent discount to the 14-day volume weighted average price.
Further, company directors have committed to subscribe for $180,000 through the issue of an additional 1,894,737 shares at a price of 9.5 cents each.
However, this is subject to shareholder approval at Maximus’ annual general meeting scheduled for mid-October.
Maximus will use the money to accelerate exploration programs at prospects around the Wattle Dam Gold Mine where up to 245g/t gold was intersected.
The company will also use the money to undertake additional exploration across its Spargoville tenements, complete studies needed for the Larkinville and Eagles Nest resources, and general working capital.
“The placement represents a major endorsement for Maximus’ projects, the management teams’ technical capabilities and importantly the clear strategy of generating and drill testing a pipeline of targets capable of realising high-grade world-class discoveries,” Managing Director Tim Wither said.
“We are excited by the opportunities the new capital provides in allowing aggressive exploration in and around Wattle Dam, in conjunction with developing and growing the current resources at Redback, Larkinville and Eagles Nest,” he added.
After being reinstated, Maximus is up an even 10 per cent and shares are trading for 16.5 cents each at 1:01 pm AEST.