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- Mayur Resources (MRL) has completed its oversubscribed placement and raised $2.5 million
- The company originally planned to raise $1.5 million and had the ability to take on a further $1 million
- Mayur actually exhausted full allocation of the placement and received offers totalling more than $2.5 million
- The $2.5 million was raised through the issue of 12.5 million CHESS depositary interests to new and existing institutional investors at 20 cents
- Mayur will use the money to provide working capital for its ongoing disaggregation strategy
- Shares in Mayur are down 7.50 per cent on the market and are trading at 18.5 cents
Mayur Resources (MRL) has completed its oversubscribed placement and raised $2.5 million.
The company entered a trading halt on May 20 but did not disclose how much it intended to raise or what it would use the funds for.
Mayur originally planned to raise $1.5 million and had the ability to take on a further $1 million.
The company actually exhausted the full allocation of the placement and received offers totalling more than $2.5 million.
The $2.5 million was raised through the issue of 12.5 million CHESS depositary interests (CDIs) to new and existing institutional investors at 20 cents.
Mayur will use the money to provide working capital for its ongoing disaggregation strategy.
“While we are incurring some COVID related delays, these funds will provide additional cashflow runway to enable us to execute our disaggregation strategy while continuing to progress strategic investor and offtake agreement discussions relating to Mayur Iron’s Orokolo Bay Project,” Managing Director Paul Mulder said.
Mayur is down 7.50 per cent on the market and shares are trading at 18.5 cents at 1:30 pm AEST.
