- 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.
- Placement (AU$8 million), and
- 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…