PERTH (miningweekly.com) – ASX-listed Mineral Commodities (MRC) is hoping to lift as much as A$15.7-million in further funding via a share placement and entitlement problem, to finance its progress methods.
MRC on Monday advised shareholders that it had acquired agency commitments from its largest shareholder, Au Mining, for the location of 23.3-million shares, at a value of seven.5c every, to increase an preliminary A$1.75-million.
The position was accomplished on September 29, and the shares will probably be issued beneath the corporate’s exiting placement capability.
MRC can even undertake a non-renounceable entitlement supply of 1 new share for each three shares held by shareholders. Based mostly on the present capital construction, as much as 186.3-million shares could possibly be issued, elevating an extra A$14-million.
The entitlement problem will probably be partly underwritten.
The position value of seven.5c a share represented an 18% low cost to MRC’s final closing value on the ASX, and a 16% low cost to the corporate’s 30-day quantity weighted common share value.
Funds would go in direction of MRC’s strategic progress plans inside its heavy minerals division previous to medium-term future progress initiatives inside its battery minerals division.
The heavy minerals division technique features a third main concentrator plant, which might improve general plant capability and improve in focus manufacturing, downstream integration to focus on greater valued completed merchandise, and research for future bulk mining and useful resource and reserve growth.
In its mattery minerals division, MRC is taking a look at a battery anode pilot plant utilizing feed from the Munglinup and Skaland graphite initiatives, and a prefeasibility and definitive feasibility examine on a business battery anode plant.