- MinRex Resources (MRR) receives binding commitments to raise $3 million via a private placement
- Under the placement, more than 93 million shares will be issued at a price of $0.032 each
- Funds raised through the placement will go towards exploration at the new Pilbara lithium projects to be acquired by MinRex, plus further work on the company’s existing projects
- The new shares will rank equally with existing shares on issue and are expected to be allotted on 22 December 2021
- MinRex Resources dips 2.7 per cent, trading at 3.6 cents at 12:30 pm AEDT
MinRex Resources (MRR) has received binding commitments to raise $3 million via a private placement.
Under the placement, 93,750,000 shares will be issued at a price of $0.032 each, reflecting a 13.5 per cent discount to the last close price of $0.037 on December 10, and a 16 per cent discount to the 15-day volume-weighted average price of $0.038.
Over 2.3 million shares were subscribed to by directors and other related parties of Minrex for $75,000, subject to shareholder approval.
Canaccord Genuity Australia acted as Lead Manager to the placement.
Funds raised through the placement will go towards exploration at the new Pilbara lithium projects to be acquired by MinRex. The company said the acquisitions represent a major step in MinRex’s plan to become an emerging lithium explorer, with the area offering extensive pegmatites which have been relatively untested by modern exploration.
The remaining funds will be used to further work on the company’s existing WA and NSW gold-silver-base metal projects, plus general working capital.
The new shares will rank equally with existing shares on issue and are expected to be allotted on 22 December 2021.
MinRex Resources has dipped 2.7 per cent, trading at 3.6 cents at 12:30 pm AEDT.