- Mont Royal Resources (MRZ) receives firm commitments to undertake a $4 million share placement
- A total of 20 million shares will now be issued to sophisticated investors and new shareholders at 20 cents
- Mont Royal will use the money to fund exploration at its Northern Lights assets and the Wapatik Project in Quebec, Canada
- Additionally, Mont Royal has signed a formal agreement regarding the acquisition of the Northern Lights assets and has until Novermber 30 to satisfy or waive the final conditions
- Shares in Mont Royal are down 8.89 per cent on the market and are trading at 41 cents
Mont Royal Resources (MRZ) has received firm commitments to undertake a $4 million share placement.
The company entered a trading halt on November 12, but did not disclose how much it intended to raise or what it would use the funds for.
A total of 20 million shares will now be issued to sophisticated investors and new shareholders at 20 cents.
Mont Royal will use the money to fund exploration at the Northern Lights assets and the Wapatik Project in Quebec, Canada.
Executive Director Peter Ruse thanked both new and existing shareholders for their participation.
“We are delighted with the level of support received from sophisticated investors as well as welcoming new shareholders to the Mont Royal share register,” Mr Ruse said.
“We would like to thank existing shareholders for their continued support in the capital raising, with demand significantly exceeding the funds being sought.”
Additionally, Mont Royal has signed a formal agreement in relation to the acquisition of the Northern Lights assets from Northern Lights Minerals.
Under the formal agreement, the company has until November 30, 2021, to either satisfy or waive the final two conditions, being the satisfaction of Mont Royal’s due diligence investigations and the execution of certain mining tenement transfer forms.
Shares in Mont Royal were down 8.89 per cent on the market and were trading at 41 cents at 12:45 pm AEDT.