Native Mineral Resources (ASX:NMR) - Managing Director and CEO, Blake Cannavo
Managing Director and CEO, Blake Cannavo
Source: Blake Cannavo/LinkedIn
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  • Native Mineral Resource (NMR) receives commitments to raise just under $1.8 million of its right issue shortfall with new investors
  • Around 8.1 million shares have reportedly been issued at 21.8 cents per share following the previous rights issue of 2.9 million shares which raised $632,628
  • Two directors of the company have elected to take up the remaining shortfall subject to shareholder approval
  • The rights issue and shortfall placements have raised a total of $3 million which the company says will go towards projects planned for next quarter
  • Shares have been trading 3.57 per cent in the red at 27 cents

Native Mineral Resources (NMR) has received commitments to raise nearly $1.8 million of its rights issue shortfall with new investors.

The company said it is a bookbuild of 8.1 million shares at 21.8 cents per share.

According to Native Mineral Resources, the rights issue and shortfall placement have raised a before cost total of $3 million which will be used to expedite its exploration activities.

The company says it will seek shareholder approval at the 2021 Annual General Meeting for the additional issue of 1.5 million ordinary shares to Mr Philip Gardiner and 800,000 shares to Mr Blake Cannavo. The two are both directors of the company and if approved by shareholders the shares will raise an additional $593,816.

The company has plans in place to carry out drilling at its Helios nickel target near the western Nullarbor. Additionally it is also planning to be on the ground at its Maneater silver, lead, copper and gold breccia in Queensland.

Allotment of the shortfall shares is expected to occur on or 9 December 2021.

Shares last traded 3.57 per cent in the red at 27 cents at 2:09 pm AEDT.

NMR by the numbers
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