Native Mineral Resources (ASX:NMR) set to raise $404,000 via placement

• Native Mineral Resources (NMR) is set to raise nearly $404,000 via a share placement
• The company will issue just under 4.5 million new shares at nine cents per share to raise the funds
• For every two new shares issued under the placement, investors will be offered one free attaching option exercisable at 20 cents by June 30, 2024
• NMR plans to put the funds towards the progression of its exploration program at the Maneater and Palmerville tenements in Queensland, along with additional working capital
• Native Mineral Resources shares are down 14.43 per cent and trading at 8.3 cents at 2:22 pm AEDT

Native Mineral Resources (NMR) is set to raise nearly $404,000 via a share placement.

The company has received offers from sophisticated and professional investors to participate in the placement, under which it plans to issue 4,488,887 shares at nine cents each.  

The placement comes with the offer of one free attaching option for every two new shares issued, resulting in the potential issue of 2,244,445 new options.

Each new option will have an exercise price of 20 cents per share, valid until June 30, 2024.

Native Mineral Resources told investors the funds raised via the placement will go towards progressing its exploration program at the Maneater and Palmerville tenements in Queensland, along with additional working capital.

The new shares and options are scheduled to be issued on January 31.

Native Mineral Resources shares are down 14.43 per cent and trading at 8.3 cents at 2:22 pm AEDT.