Malachite to raise up to A$7.5 million in private placement of stock

By Devika Patel

Knoxville, Tenn., Nov. 16 - Malachite Resources NL said it will price a private placement of shares. Based on the company's stock (Australia: MAR) close of A$0.39 on Nov. 15, the placement is expected to raise between A$6 million and A$7.5 million.

The company will sell 20 million ordinary shares at a price that may be discounted by up to 20% to the volume weighted average price of the company's shares for five trading days before pricing.

Proceeds will be used for drilling and exploration.

Malachite Resources explores for deposits of gold, silver, copper, tin and other minerals in eastern Australia. The company is based in Lindfield, Australia.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.