Musgrave plans A$18m raise for Cue
PERTH (miningweekly.com) – Junior Musgrave Minerals is hoping to raise up to A$18-million through a share placement and share purchase plan (SPP) to fund resource growth and feasibility studies at its Cue gold project, in Western Australia.
The company said on Monday that it had received firm commitments for the placement of more than 44.44-million shares, at a price of 36c each, to corporate, institutional, professional and sophisticated investors, to raise an initial A$16-million.
The placement will be conducted under Musgrave’s existing capacity, and will not require shareholder approval.
The company will also undertake an SPP in the hopes of raising a further A$2-million, allowing existing shareholders to subscribe for up to A$30 000 worth of new shares in the company.
The SPP will open on December 18 and close on January 15.
Musgrave told shareholders that proceeds from the placement and SPP will be used to formally start a prefeasibility study on the Break of Day and Lena deposits, at the Cue gold project, continue to progress resource drilling and extensional drilling at both these deposits, and to fund regional exploration and general working capital requirements.
“Through accelerated exploration and a focus on resource growth, we can ensure we unlock the value of the project as a strategic asset,” said Musgrave MD Rob Waugh.
“This work together with the prefeasibility study on the existing high-grade, near surface Break of Day resource and the adjacent Lena deposit, will maximise our ability to create value for shareholders through discovery, resource growth and project development.”
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