Inside Musgrave’s (ASX:MGV) AU$10 million capital raising for Cue Gold Project

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Inside Musgrave’s (ASX:MGV) AU$10 million capital raising for Cue Gold Project

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 Inside Musgrave’s (ASX:MGV) AU$10 million capital raising for Cue Gold Project
Image source: © Iqoncept | Megapixl.com, & © Kacpura | Megapixl.com

Highlights:

  • Musgrave Minerals Limited has rolled out a Capital raising program of AU$10 million, which comprises Placement and a share purchase plan (SPP), for its flagship Cue Gold Project:
    • Placement: The company has got strong commitments worth AU$8 million by means of the placement at an issue price of AU$0.20 apiece.
    • SPP: In addition to the placement, the company is providing an SPP of AU$2 million to eligible shareholders at the same issue price as the placement.
  • Upon completion of Capital Raising (placement + SPP), the company says it will be in a well-funded position to continue exploration, resource growth and development activities at its flagship Cue Gold Project, including:
    • Completing the Stage 1 Prefeasibility Study (PFS)
    • Completing and submitting a mining approval
    • Further upgrading of the ‘Inferred’ resources category into the ‘higher-confidence’ ‘Indicated’ resources category, and
    • ~30,000m of diamond and RC drilling programs to test newly identified targets in the Cue project, which includes regional exploration too, to further increase the resource base.

 

Musgrave Minerals Limited (ASX:MGV) has been going strength to strength regarding its flagship Cue Gold Project. It has announced capital raising worth AU$10 million for the project, which comprises

  1. Placement (AU$8 million), and
  2. SPP (AU$2 million).

Placement: The company has received strong commitments to raise AU$ 8 million by a placement of a total of 40,000,000 fully paid ordinary shares in the company (New Shares) at an issue price of AU$0.20 apiece. The placement is for institutional, professional and sophisticated investors.

MGV says the Placement has got overwhelming support from not only existing shareholders but new institutional investors too.

SPP: In addition to the placement, the company has started an SPP meant to raise a further AU$2 million (before costs). The company will be providing its existing eligible shareholders the chance to subscribe for fully paid ordinary shares of worth up to AU$30,000 at an issue price of AU$0.20 apiece.

MGV shares were trading AU$0.215 as on 10:30am, (AEDT), 25 November 2022.

 

More to come…

 

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