Mincor Resources NL (ASX: MCR) received commitments from investors to raise A$50 million before cost via a two-tranche Placement of new fully paid ordinary shares on 25 June 2020. The placement was oversubscribed and was supported by existing shareholders, while also resulting in the introduction of various new, high quality institutions joining the Company’s share register.
Wyloo Metals Pty Ltd subscribed for A$8.3m of the Placement. Thus, in line with the current shareholding of 13.8%.
The proceeds would be used to finance early pre-production costs while retaining strong momentum with resource growth & exploration programs.