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A sneak peek at Musgrave Minerals’ (ASX:MGV) share purchase plan

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 A sneak peek at Musgrave Minerals’ (ASX:MGV) share purchase plan
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.

Overview of share purchase plan

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)

Who is eligible to participate in share purchase plan?

The company has highlighted that only eligible shareholders can participate in the SPP. The condition for being an eligible shareholder includes the following:

  • Shareholders (including custodians) who are registered holders of shares as of the record date and have a registered address in Australia or New Zealand.

Capital raising to rev up Cue gold project

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)

Indicative timetable of SPP

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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