- Heavy mineral sands explorer MRG Metals (MRQ) has successfully completed a $2.1 million placement
- The funds were raised through the issue of 162 million fully-paid ordinary shares to sophisticated and professional investors at 1.3 cents
- Additionally, 162 million options were issued, exercisable at 2.5 cents and expiring on June 30, 2023
- MRG Metals will use the funds to expand exploration activities at its heavy mineral sands (HMS) projects in Mozambique
- In particular, the company will undertake initial drilling activities at the recently acquired Marao, Marruca, Corridor South and Corridor Central licences
- The aim of this work is to define new mineral resource estimates and follow on from extensive aircore drilling programs undertaken last year
- After emerging from a trading halt, MRG Metals is down 23.5 per cent and shares are trading at 1.3 cents
Heavy mineral sands explorer MRG Metals (MRQ) has successfully completed a $2.1 million placement.
The company entered a trading halt on January 28 but did not disclose how much it would be raising or what the funds will be used for.
The funds were raised through the issue of 162 million fully-paid ordinary shares to sophisticated and professional investors at 1.3 cents.
This price is equal to MRG Metals’ 15-day volume-weighted average price.
Additionally, 162 million options were issued, exercisable at 2.5 cents and expiring on June 30, 2023.
MRG Metals will use the funds to expand exploration activities at its heavy mineral sands (HMS) projects in Mozambique.
In particular, the company will undertake initial drilling activities at the recently acquired Marao, Marruca, Corridor South and Corridor Central licences.
The aim of this work is to define new mineral resource estimates and follow on from extensive aircore drilling programs undertaken last year.
“We are pleased to have received such strong support to fund our extended exploration program at our wholly-owned Marao, Marruca and Corridor projects,” Chairman Andrew Van Der Zwan commented.
“This placement provides MRG with the financial flexibility to aggressively extend exploration activities across its entire HMS project suite in Mozambique,” he said.
After emerging from a trading halt, MRG Metals is down 23.5 per cent and shares are trading at 1.3 cents at 1:12 pm AEDT.