Oversubscribed deal funds exploration, discovery at Huckitta Project
By Devika Patel
Knoxville, Tenn., Dec. 15 - Mithril Resources Ltd. said it completed a private placement of stock. It raised A$12 million in the oversubscribed deal via manager Blackwood Capital Ltd.
The company sold 100 million ordinary shares at A$0.12 per share, a 10.81% discount to A$0.15, the closing share price on Dec. 14.
The shares will be issued in two tranches. The first tranche of 17,882,325 shares will raise A$2.15 million; the second tranche of 82,117,675 shares will raise A$9.85 million.
Minotaur Resources Investments, Lion Selection Group and Acorn Capital were among the investors.
Proceeds will be used to accelerate exploration and discovery at the company's Huckitta Project in the Northern Territory, which is highly prospective for copper, nickel and gold.
"Mithril is focused on delivering a high tonnage, near surface resource at Huckitta, and the support we have received from investors will enhance our ability to meet this objective," managing director Graham Ascough said in a press release.
Mithril Resources is a Goodwood, Australia-based base metals mining company.
| Issuer: | Mithril Resources Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$12 million
|
| Shares: | 100 million
|
| Price: | A$0.12
|
| Warrants: | No
|
| Manager: | Blackwood Capital Ltd.
|
| Investor: | Minotaur Resources Investments, Lion Selection Group and Acorn Capital
|
| Settlement date: | Dec. 15
|
| Stock symbol: | Australia: MTH
|
| Stock price: | A$0.15 at close Dec. 15
|
| Market capitalization: | A$17.87 million
|
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