Marvel welcomes new cornerstone investor
PERTH (miningweekly.com) – Junior Marvel Gold on Tuesday announced a A$4.2-million capital raise to fund continued gold exploration in Mali.
The company would place 70-million ordinary shares, at a price of 6c each, using its existing placement capacity. The placement price represents an 11.3% premium to the company’s 15-day volume-weighted average share price.
Marvel told shareholders that Delphi Unternehmensberatung and its subsidiary company Deutsche Balaton had taken some 58-million of the shares on offer, and would hold an 11.6% interest in Marvel at the conclusion of the share placement.
“We are very pleased to welcome Deutsche Balaton and Delphi as sizeable institutional investors to the Company. The Placement price demonstrates the deep value potential in the Company’s gold and graphite assets, with the value of the Company’s graphite assets soon to be unlocked by our proposed spin-off of the Chilalo Graphite Project, which has the potential to be highly value-accretive,” said Marvel MD Phil Hoskins.
Marvel recently completed the acquisition of additional exploration licences around its Tabakorole gold project and its Tabakorole landholding now stands at 830 km2. The company said that completion of the placement will allow for continued exploration at Tabakorole focused on resource growth.
Marvel in May also announced plans to spin out and separately list its Chilalo graphite project, in Tanzania, into a wholly owned subsidiary called Evolution Energy Minerals.
The Marvel board would take a final decision to proceed with the Spin-out Transaction following approval from the Tanzanian Fair Competition Commission.
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