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Highlights
- Capital Raising Success: Mamba Exploration secured firm commitments for an $850,000 placement from professional and sophisticated investors.
- Share Price Surge: Following the announcement, Mamba's share price soared by 36.4% to 1.5 cents during early trading hours on December 9.
- Funding Allocation: Proceeds to fund exploration at Western Australian projects, evaluate new opportunities, and cover working capital.
Mamba Exploration (ASX:M24) announced a two-tranche placement to raise $850,000 (before costs) through the issue of 85 million fully paid ordinary shares at $0.01 per share, representing a 10% discount to the 15-day volume-weighted average price (VWAP) of $0.011 per share.
- Tranche 1:
- 46.875 million shares issued immediately under the company's ASX Listing Rule 7.1 and 7.1A capacity, raising $468,750.
- Tranche 2:
- 38.125 million shares to be issued, subject to shareholder approval at the upcoming Extraordinary General Meeting in January 2025, raising $381,250.
- Includes $100,000 combined subscription from the Mamba Board.
Use of Funds
The funds will be used to:
- Advance exploration across Mamba’s Western Australian projects.
- Assess new opportunities to expand its project portfolio.
- Support working capital, including costs associated with the offer.
Market Reaction
Investors responded enthusiastically to the capital raise, driving a 36.4% jump in the share price, which climbed to 1.5 cents. This surge highlights strong market confidence in Mamba’s strategic direction and exploration potential.
Management Perspective
The company emphasised its commitment to advancing exploration activities and evaluating high-value growth opportunities in Western Australia. With the new funds, Mamba is well-positioned to execute its plans and deliver value to shareholders.
