JOHANNESBURG (miningweekly.com) – An oversubscribed A$3-million share purchase plan (SPP) has brought the total amount raised by ASX-listed Mincor Resources to A$10-million since December.
The company on Friday announced that, of the A$12.8-million in applications received from shareholders, Mincor would accept A$1-million in oversubscriptions, bringing the total raising to A$4-million.
This followed Mincor’s raising of A$6-million from a successful share placement in December.
Mincor will issue 12.5-million new shares at an issue price of A$0.32 apiece on January 24, and applications received in excess of A$4-million will be scaled back on a pro rata basis.
“We are now well-funded to start our nickel exploration programmes, with drilling planned to start at the high-grade Cassini prospect within weeks. This is an exciting time for the company in a number of respects and we are looking forward to a very busy and productive period over the coming months,” said Mincor MD Peter Muccilli.
The funds raised from the SPP will be used to accelerate nickel exploration activities across a suite of high-priority targets within the company’s Kambalda nickel portfolio, in Western Australia, and for general working capital requirements.