- MEC Resources (MMR) raises $154,000 before costs through a private placement of its shares
- The company issued roughly 33.4 million shares at 0.44 cents per share to raise the funds
- MEC says will use the proceeds for compliance requirements, reinstating itself for trading on the ASX, and general working capital
- The company now has just under 843 million total shares on issue following the closure of the placement
- MEC Resources shares have been in voluntary suspension since early 2020 and last traded at 0.4 cents
Resources investment firm MEC Resources (MMR) announced has raised $154,388 before costs through a private placement of its shares.
The company issued roughly 33.4 million shares at 0.44 cents per share to raise the funds.
MEC Resources said it intended to use the funds raised from this private placement to expedite its compliance requirements, work associated with moving it towards reinstatement for trading on the ASX, and general short-term working capital requirements.
The new shares are subject to a holding lock pending the release of a prospectus by the company. The transaction was completed through LeMessurier Securities, which will receive a 6 per cent capital raising fee plus GST.
MEC Resources is a pooled development fund that invests in exploration companies that target large energy and mineral resources. The company’s number of fully paid ordinary shares on issue following the closing of the private placement is now 842,651,515.
MEC Resources shares have been in voluntary suspension since early 2020 and last traded at 0.4 cents.