JOHANNESBURG (miningweekly.com) – ASX-listed explorer Marindi Metals has raised about A$2.03-million through a share placement to accelerate zinc and lithium exploration in Western Australia and the Northern Territory.
The placement to existing and new sophisticated and professional investors comprised about 203-million new shares at an issue price of A$0.01 a share, the company reported this week.
The funds raised would enable Marindi to expand and accelerate exploration at its Newman base metals project, in Western Australia, where a drilling campaign started last week, and help fund preliminary work at its Caranbirini lead/zinc project in the Northern Territory. Some of the funds raised would also go towards work at the Forrestania lithium project, in Western Australia, which Marindi recently acquired.
The company also announced a share purchase plan to raise up to A$1-million at the same price as the placement. Shareholders would be entitled to subscribe for up to A$15 000 worth of shares at A$0.01 a share.