PERTH (miningweekly.com) – ASX-listed explorer Minotaur Exploration has raised A$1-million through a share placement to sophisticated and institutional investors, and is hoping to match that figure in a share purchase plan (SPP).
The company on Friday noted that it had raised an initial A$1-million through a share placement, priced at 5.2c each, to sophisticated and institutional investors.
The company’s largest shareholder, the Sprott Group, acted as a cornerstone investor in the placement, subscribing for A$250 000 of new shares.
“Continued support of our cornerstone shareholder, the Sprott Group, a major North American mining investment house, along with our second largest shareholder Yarraandoo, represents a clear, ongoing endorsement of the strategy and growth prospects for Minotaur,” MD Andrew Woskett said.
“I am very pleased that successful completion of the placement, along with the upcoming SPP, provides an attractive investment opportunity that will see Minotaur fully funded through its upcoming work programme at Prominent Hill and our Western Australian nickel/gold assets.”
Eligible shareholders will now have the opportunity to participate in an SPP to raise a further A$1-million, with the SPP also to be priced at 5.2c a share.