PERTH (miningweekly.com) – Diversified junior Mayur Resources has raised A$7.8-million in a share placement to professional and sophisticated investors.
The company will place 9.75-million chess depository interests to both new and existing shareholders, at a price of 80c each, under its existing placement capacity.
The capital raised will go towards a number of projects, including drilling and exploration work, as well as definitive feasibility studies on its proposed limestone and cement operations at the Port Moresby limestone project.
“The funds raised will allow the company to pursue a number of additional value accretive initiatives that have been identified subsequent to the company’s listing on the ASX in September 2017,” said Mayur MD Paul Mulder.
“These projects complement the company’s strategy of enabling the nation building of Papua New Guinea via import replacement and downstream processing.”