PERTH (miningweekly.com) – ASX-listed explorer Minotaur on Friday launched a share purchase plan (SPP) in the hopes of raising some A$5-million to fund its copper/gold exploration work in Queensland, and its nickel/gold exploration in Western Australia.
Shares under the SPP would be priced at 12.5% discount to the five-day volume weighted average price of Minotaur shares prior to the date of issue, which was currently scheduled for October 21.
Chairperson Derek Carter said in a notice to shareholders that the funds would mainly be used to up-scale Minotaur’s activity level at the Artemis copper/gold/silver discovery, in Queensland, where a drill programme was expected to increase the deposit to an indicated resource by May next year.
The funds would also be used to test nickel sulphide targets hosted in Western Australia, where previous exploration work had been unable to progress known mineralisation to a viable resource status.