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Highlights
- Musgrave Minerals has completed its Share Purchase Plan (SPP) raising AU$2,117,000.
- Musgrave raised AU$2,117,000 through the SPP.
- The Company recently raised AU$8,000,000 through Placement to sophisticated and institutional investors.
- The Placement and SPP together will be used to continue activities at its Cue Gold Project.
ASX-listed gold explorer and developer firm Musgrave Minerals (ASX:MGV) has successfully completed its Share Purchase Plan (SPP). In November 2022, the company had announced the SPP with a plan to raise AU$2 million.
Musgrave aspires to build a profitable gold mining business at its Cue gold project.
More on SPP
The SPP closed on Tuesday, 20 December 2022. Musgrave raised AU$2,117,000 through the SPP. Musgrave confirmed that all 212 valid applications received from eligible shareholders were accepted.
Under the SPP, Musgrave will issue 10,585,000 new fully paid ordinary shares. New shares will be issued at AU$0.20 each.
Musgrave expects to issue the New Shares on Thursday, 29 December 2022, with quotation of the New Shares and despatch of holding statements on Friday, 30 December 2022.
Below is the proposed indicative timeline provided by the Company for the SPP
Data source: Company update
The SPP supplements Musgrave’s recent placement to sophisticated and institutional investors through which the Company raised AU$8 million. The Placement and SPP together beef up the Company’s cash position. The capital raised will be used to continue activities at Cue Gold Project.
© 2022 Kalkine Media®, Data source: Company update, Image source: © Stmool | Megapixl.com
Shares of Musgrave Minerals last traded on 22 December at AU$0.20.