PERTH (miningweekly.com) – Junior Musgrave Minerals will increase A$10-million to fund useful resource progress at its Cue gold challenge, in Western Australia.
The ASX-listed firm on Friday mentioned it had acquired agency commitments for the location of 40-million totally paid peculiar shares within the firm, at a problem worth of 20c every, from institutional, skilled and complex traders.
The location worth represented a 13% low cost to Musgrave’s final closing worth and a 14% low cost to its 15-day quantity weighted common share worth.
Along with the share placement the corporate can even undertake a share buy plan (SPP) to boost an extra A$2-million, giving present shareholders the chance to subscribe for an extra A$30 000 of further shares within the firm.
The SPP will open on December 2 and shut on December 20.
Funds from the capital increase will go in the direction of the completion of the Stage 1 prefeasibility examine on the Cue gold challenge, specializing in the preliminary years of manufacturing, and to finish and submit a mining proposal for the challenge. Funding would additionally go in the direction of growth work, useful resource drilling, regional exploration and for common working capital.