PERTH (miningweekly.com) – ASX-listed Musgrave Minerals will raise A$5.5-million through a share placement to institutional, professional and sophisticated investors to advance drilling at its Lake Austin project, as well as other targets at the Cue project, in Western Australia.
Some 59.78-million shares will be placed, with more than 49-million of these shares to be placed under the company’s existing capacity, at a price of 9.2c each.
The remaining 10.7-million shares will be placed subject to shareholder approval.
“The funding will allow Musgrave to secure three drill rigs in the new year to accelerate drilling at the exciting new Lake Austin North discovery, and other targets on the Cue project,” said Musgrave MD Rob Waugh.
Funds will also be used for general working purposes.