Marvel raises funds for Mali exploration
PERTH (miningweekly.com) – ASX-listed Marvel Gold will raise A$5.7-million through a share placement to fund an accelerated exploration programme across its Mali portfolio.
The company on Monday said that it would place 95-million new shares, at a price of 6c each to profession and sophisticated investors under its existing placement capacity.
The placement price represents a 6.25% discount to Marvel’s last trading price and a 14.10% discount to its 15-day volume weighted average price.
“This is a fantastic time to be undertaking gold exploration in Mali, an under-explored and highly prospective country. The combination of Marvel’s exciting portfolio, focused explorations strategy, and well-credentialed team has seen a number of high quality institutions join our register,” said MD Phil Hoskins.
“Marvel’s strategy is to add value through exploration and discovery, a strategy supported by the well-documented decline in mining reserves of global gold companies.”
Hoskins said that following the placement, Marvel will be fully funded to undertake systematic exploration programmes with the focus on growing the 910 000 oz Tabakorole mineral resource.
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