Australian Explorer, Musgrave Minerals Limited (ASX: MGV), via placement of ~57 million shares at an issue price of 10.5c cents, has received firm commitments to raise $6 million. The share placement to corporate, institutional and sophisticated investors was oversubscribed with the addition of several new institutional investors along with the existing investors.
The funds raised would be used for advancing the drilling of the new Starlight gold discovery at Break of Day deposit and for other gold targets at Cue project along with general working capital purposes.
With the placement, Musgrave will be positioned with $8.4 million cash balance.
MGV stock soared ~8.7% to $0.125 on 27 April 2020 (12:59 PM AEST).