MRG Metals Limited (ASX:MRQ) has successfully raised $ 0.66 million through the issue of 110 million fully paid ordinary shares at $ 0.006 per share, and 110 million attaching listed options, exercisable at $ 0.01 (expiring 20 December 2020). Sophisticated and professional investors have been the participants in the transaction.
Funds raised are likely to support the Company in the expansion of ongoing exploration activities at its 100% owned heavy mineral sands Corridor Projects in Mozambique This includes the recently commenced Aircore drilling programs at the various tenements. Besides, initial drill testing of further new targets, including Zulene, are also likely. Other fund usage includes- further project development and towards general working capital.
MRG Metals may seek shareholder approval to raise $40,000 via the placement of 6.67 million ordinary shares and 6.67 million attaching MRQOB options, to Company Directors.
MRQ was trading up by 16.66 % at $ 0.007, mid-day on 16 September 2020.
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