- Midas Minerals (MM1) receives firm committments for $2.58 million to advance its Canadian lithium exploration
- The company received firm commitments for the placement, made up of 15 million full paid ordinary shares at 17 cents apiece – a 5.6 per cent discount to the company’s last traded price
- The capital raised will go towards Midas’ maiden explorations at its Yellowknife and Greenbush lithium projects in Canada
- The first tranche of shares are due to be issued on June 14, 2023
- Midas is trading at 18.5 cents up 2.78 per cent at 1:15pm AEST
Junior exploration company Midas Minerals (MM1) has tapped investors for $2.58 million to advance its Canadian lithium exploration.
The company received firm commitments from sophisticated and professional investors for a total of 15.1 million full paid ordinary shares at 17 cents apiece – a 5.6 per cent discount to the last traded price of 18 cents on June 2, 2023.
The placement will be undertaken in two tranches. The first will see 14.1 million shares issued to raise $2.4 million, while the second will be issued to the company’s directors to raise an additional $180,000, subject to shareholder approval.
“While we’ve already commenced exploration at both of our newly acquired Canadian lithium projects, funds raised through the placement will allow us to rapidly advance this work through the Northern summer,” Midas Managing Director Mark Calderwood said.
“We’ve already confirmed visible spodumene in pegmatite outcrops at Greenbush, and at YLP, we have access to Gold Terra’s data to explore for lithium in a region known to contain spodumene-bearing pegmatites, so we are confident that we can move ahead and target areas for drilling on both projects.”
The capital raised will go towards Midas’ maiden explorations at its Yellowknife and Greenbush lithium projects in Canada.
The first tranche of shares are due to be issued on June 14, 2023.
Midas was trading at 18.5 cents up 2.78 per cent 1:15pm AEST.