Mount Burgess Mining (ASX: MTB) secures firm commitments for AU$180k placement

June 03, 2024 10:47 AM AEST | By Sonal Goyal

Mount Burgess Mining (ASX: MTB) secures firm commitments for AU$180k placement — Image source: Pexels

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Highlights

Firm commitments received for a placement of 120 million shares to raise AU$180,000.

The issue price of the placement is AU$0.0015 apiece.

The proceeds from the raise will be directed towards resource development and corporate administration costs.

Mount Burgess Mining NL (ASX: MTB) has received firm commitments from sophisticated and professional investors for a placement of 120 million shares at an issue price of AU$0.0015 apiece to raise a total of AU$180,000.

The funds raised through the placement are proposed to be used for resource development and cost administration costs.

Details of the placement

The shares issued under the placement are expected to be issued on or before 11 June 2024.

The issue price of AU$0.0015 reflects a discount of 25% to the last traded price of AU$0.002 apiece.

GBA Capital will act as the lead manager to the placement and will get a commission of 6%. Additionally, GBA Capital will receive 5 million unlisted share options, exercisable at AU$0.005 per option. The options are exercisable on or before two years after the issue. The issue of options is subject to shareholder approval.

MTB shares traded at AU$0.002 apiece at the time of writing on 3 June 2024.

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