Join our daily newsletter At The Bell to receive exclusive market insights
- Mining company Moho Resources (MOH) has completed a bookbuild to undertake a $1.51 million placement
- The money will be used to finalise the Whistlepipe acquisition and undertake exploration at the Silver Swan North, Burracoppin and Empress Springs projects
- Moho has also entered an agreement with Whistlepipe Exploration to acquire a granted exploration licence and information relating to six project areas in Western Australia
- The company will issue $20,000 worth of fully-paid ordinary shares for the tenement and $10,000 worth of fully-paid ordinary shares for each project
- Moho ends the day 4.76 per cent in the red with shares trading at six cents
Mining company Moho Resources (MOH) has completed a bookbuild to undertake a $1.51 million placement.
The company first announced plans to raise more capital when it entered a trading halt on October 21.
MOH has since revealed a total of 25.17 million new shares will be on offer, priced at 6 cents each, with the placement to be undertaken in two phases.
Phase one will issue 22.5 million new shares to raise $1.35 million while phase two will issue 2.67 million shares to directors to raise up to $160,000, however, this phase is subject to shareholder approval.
Additionally, participants will receive one free attaching option for every one share issued, exercisable at 8.5 cents with an expiry date three years from issue.
Moho will use the money to finalise the Whistlepipe acquisition and undertake exploration at the Silver Swan North, Burracoppin and Empress Springs projects.
Managing Director Shane Sadleir said he was excited to begin drilling activities at the projects, particularly Silver Swan North.
“We are looking forward to drill testing the recently identified nickel sulphide targets at Silver Swan North, as week as initiating exploration on tenement applications adjacent to Poseidon’s Black Swan Nickel Plant,” Mr Sadleir said.
“We remain committed to advancing our promising gold projects at Empress Spring and Burracoppin and progressing the East Sampson Gold Project into production as soon as practicable.”
Moho has also announced it has entered an agreement with Whistlepipe Exploration to acquire a granted exploration licence and technical information relating to six project areas in Western Australia.
The tenement and projects lie in the sparse and underexplored ground within the prospective western and southwestern margins of the Yilgarn craton and Albany-Fraser orogeny of WA.
Moho will issue $20,000 worth of fully-paid ordinary shares for the tenement and $10,000 worth of fully-paid ordinary shares for each project.
The company will also pay $10,000 in cash for each project within 10 business days of the granting of the projects.
Subject to investigations and due diligence, Moho intends to begin exploration and apply for one or more exploration tenements within the project area.
Mr Sadleir commented on the agreement.
“The track record of the principals of Whistlepipe speaks for itself, given their involvement in the discovery of a number of significant mineral deposits, including the exceptional platinum group element-nickel-copper-cobalt-gold discovery at Julimar near Perth,” Mr Sadleir said.
“Moho is looking forward to commencing this exciting phase of exploration for nickel and associated battery and precious metals in these prospective and relatively untested provinces in Western Australia.”
Moho has ended the day 4.76 per cent in the red with shares trading at six cents in a $6.5 million market cap.
