Miramar Resources (ASX:M2R) - Executive Chairman, Allan Kelly
Executive Chairman, Allan Kelly
Sourse: Miramar Resources
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  • Miramar Resources (M2R) receives firm commitments from new and existing sophisticated investors to raise $2.4 million by way of an oversubscribed placement
  • The company also unveiled an underwritten option rights issue for existing shareholders
  • Funds raised will be used to accelerate drilling programs at company’s 80 per cent owned Gidji JV Project in the Eastern Goldfields of Western Australia
  • Miramar’s Chairman Mr Allan Kelly says “Gidji JV has the potential to host multiple new gold deposits in close proximity to existing mining and processing infrastructure”
  • Shares in Miramar Resources were down 2.78 per cent to $0.18 as of 3:18 pm AEST

Miramar Resources (M2R) said it has received firm commitments from new and existing sophisticated investors to raise approximately $2.4 million by way of an oversubscribed placement.

The company also announced an underwritten options rights issue for existing shareholders.

The company said the funds will be used to accelerate exploration activities at its 80 per cent owned Gidji JV Project in the EasternGoldfields of Western Australia, along with further exploration activities at its other WA-based projects.

The placement will see 14 million fully paid ordinary shares issued at a price of 17 cents each, as well as a free attaching option exercisable at 25 cents and expiring two years from the date of issue.

The company said it will apply to have the placement options quoted and traceable on the ASX.

Miramar said it then intends to complete a fully underwritten non-renounceable rights issue of options in June 2022.

The company said this will be on the same terms and conditions as the placement options.

Existing shareholders will have the right to subscribe for one option for every two shares held at an issue price of one cent per option.

Executive Chairmen Allan Kelly said “we have confirmed that the Gidji JV Project has the potential to host multiple new gold deposits in close proximity to existing mining and processing infrastructure.”

Shares in Miramar Resources were down 2.78 per cent to $0.18 as of 3:18 pm AEST.

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