Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Montem Resources (MR1) has raised $5.2 million as it looks to progress its steelmaking coal projects in western Canada
  • The company issued just over 30.39 million shares to sophisticated and institutional investors at 17 cents each
  • A scoping study at its Chinook Project is currently underway, as is the permitting process for the restart of the Tent Mountain Mine
  • The mining licence application and permit amendments for Tent Mountain are expected to be submitted in mid-2021
  • Montem Resources is down 5 per cent to $0.19 per share

Montem Resources (MR1) has raised $5.2 million as it looks to progress its steelmaking coal projects in western Canada.

Under the terms of the offering, the development company issued just over 30.39 million shares to sophisticated and institutional investors at 17 cents each.

Included in Montem’s portfolio in the Crowsnest Pass region is the Chinook Project, for which a scoping study is currently underway, and the Tent Mountain Mine, which is engaged in the permitting process for the restart of operations.

Initial findings from the scoping study show the Chinook Project as an economic and technically viable asset, which Montem said justifies its progression to the pre-feasibility stage.

Submission of the mining licence application and permit amendments for the Test Mountain Mine are currently on track for the middle of this year, with the restart of production targeted for early 2023.

Peter Doyle, Managing Director and CEO of Montem Resources, said he is delighted with the support for the placement and welcomed a number of “highly credentialed” institutional investors to the company’s register.

“The company is fortunate to have an exciting portfolio of hard coking coal assets, with both Tent Mountain and Chinook located on favourable category four land.”

“The placement affirms our belief in the potential of our projects and provides a clear signal that the investment community understands the opportunity and differentiation Montem presents in the region,” he added.

Montem Resources is down 5 per cent to $0.19 per share at 1:23 pm AEDT.

MR1 by the numbers
More From The Market Herald

" AKORA Resources (ASX:AKO) gets pleasing assays from Madagascar project

AKORA Resources (AKO) has received assays from resource drilling at the Bekisopa project in Madagascar.
Carawine Resources (ASX:CWX) - Non Executive Chairman, Will Burbury

" Carawine Resources (ASX:CWX) begins diamond drilling at Red Bull

Carawine Resources (CWX) has begun diamond drilling on two highly significant bedrock conductors at the Red Bull tenement in Western Australia.

" Woomera Mining (ASX:WML) begins Phase 2 drilling at Mt Venn

Precious and base metals explorer Woomera Mining (WML) has launched a Phase 2 reverse circulation drilling program at its Mt Venn Project in
Challenger Exploration (ASX:CEL) - Exploration Manager, Stuart Munroe

" Challenger Exploration (ASX:CEL) extends mineralisation at Sentazon

Challenger Exploration (CEL) has released results from the next eight holes of its drilling program at the Sentazon prospect within the Hualilan gold