PERTH (miningweekly.com) – Metals developer MacPhersons Resources will raise up to A$4.4-million through a share placement and share purchase plan (SPP) to fund resource drilling at its Boorara gold project, in Western Australia.
The company said on Monday that an initial A$2.93-million would be raised through a share placement to institutional and professional investors. The placement would consist of up to 22.6-million shares, priced at 13c each.
The share placement would be conducted under the company’s existing capacity, and as such would not require shareholder approval.
Meanwhile, MacPhersons said it was hoping to raise a further A$1.5-million through an SPP, allowing shareholders to purchase up to A$15 000 of new shares in the company, priced at 13c each.
The offer price represented a 2.35% discount to MacPherson’s last closing price, and a 19.7% discount to the ten-day volume-weighted average price.
Funds from the raising would be used to advance infill drilling at the Boorara gold project, as well as to undertake pre-development activities to delineate a new Joint Ore Reserves Committee-compliant resource.