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  • Mandrake Resources (MAN) receives firm commitments to undertake a $12 million placement
  • All up, 60 million new shares will be issued to institutional and sophisticated investors at 20 cents
  • Mandrake will use the funds to begin drilling and assessing the Newleyine nickel-copper-platinum group element (PGE) target
  • The company will undertake additional reverse circulation drilling at the Berinka Gold-Silver-Copper Project in the Northern Territory
  • Mandrake is down 6.25 per cent on the market and shares are trading at 22.5 cents at 10:35 am AEST

Mandrake Resources (MAN) has received firm commitments to undertake a $12 million placement.

The company entered a trading halt on June 9 but did not disclose how much it intended to raise or what it would use the funds for.

The funds will be raised through the issue of 60 million new shares to institutional and sophisticated investors at 20 cents.

This price represents a 12.3 per cent discount to the 15-day volume-weighted average price.

Mandrake will use the funds to begin drilling and assessing the Newleyine nickel-copper-platinum group element (PGE) target. Drilling is scheduled to begin on June 14.

The company will also complete further work at the PGE-nickel-copper prospects identified via the recent geological mapping and sampling program completed at the Jimperding Project.

Mandrake will also be undertaking additional reverse circulation (RC) drilling at the Berinka Gold-Silver-Copper Project in the Northern Territory with work planned to begin in July or August.

“We are pleased to welcome new institutional and sophisticated investors to the shareholder register,” Managing Director James Allchurch said.

“The strong response received for this capital raise reflects the potential for our portfolio of assets, in particular the imminent drilling campaign at the Newleyine Project.”

Mandrake was down 6.25 per cent with shares trading at 22.5 cents at 10:35 am AEST.

MAN by the numbers
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