Image Source: © Anyaberkut | Megapixl.com
Highlights
- Musgrave Minerals (ASX:MGV) is eyeing AU$10 million in a capital raising program including AU$8 million in placement and AU$2 million through SPP.
- Shares will be issued at AU$0.20 per new share.
- The funds raised will be deployed to rev up the development of the Cue gold project.
- The company has planned exciting exploration activities across the project.
Australia-based gold and base metal explorer Musgrave Minerals Limited (ASX:MGV) has released an update concerning its AU$2 million share purchase plan (SPP). The SPP is a part of the company's AU$10 million capital raising program.
The capital raising program also comprises a "placement” intended to raise AU$8 million at an issue price of AU$0.20 per share to institutional and sophisticated investors.
As per the SPP, all eligible shareholders can purchase up to AU$30,000 worth of shares at an issue price of AU$0.20 per new share. Additionally, the purchase will not incur any brokerage or other transaction costs.
The issue price represents:
(Source: © 2022 Kalkine Media® | Data Source: MGV update, 2 December 2022)
The company has highlighted that only eligible shareholders can participate in the SPP. The condition for being an eligible shareholder includes the following:
Musgrave plans to deploy the funds raised to develop the Cue gold project including:
(Source: © 2022 Kalkine Media® | Data Source: MGV update, 2 December 2022)
Musgrave has issued the indicative timetable for the SPP, as attached below:
(Image Source: MGV update, 2 December 2022)
Share price: MGV shares were trading at AU$0.205 during the morning session on 2 November 2022, up nearly 2.5% from the last close. The company's market capitalisation stood at AU$108.12 million.
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