Minotaur has undertaken a successful equity raising of $1.5 million.
It includes the unconditional placement of 21.2 million shares at a nine per cent discount, at the close of trade on 30 October, of $0.05 a share.
It is the first of a two-tranche approach. The second tranche is 8.8 million shares, to raise around half a million dollars, which is subject to shareholder approval.
It’ll be presented at a general meeting in December.
The company said it ‘comfortably’ filled the first tranche placement which was welcomed by managing director Andrew Woskett.
“The investor support seen in the placement is a great endorsement of Minotaur’s prospects, with the proceeds to be applied across Minotaur’s base metals exploration projects,” Mr Woskett said.
“Works will include drilling for the Windsor JV plus drill targeting at Minotaur’s wholly owned Peake and Denison and Highlands projects.
“Alongside the non-recourse loan arrangement at Jericho (where Minotaur is fully funded to production by OZ Minerals), Minotaur is well positioned to accelerate its exploration efforts and unlock value across its range of promising projects.”