PERTH (miningweekly.com) – Base metals explorer Myanmar Metals will raise A$7-million through a share placement to help fund work at its Bawdwin zinc/lead/silver/copper project, in Myanmar.
The company on Wednesday announced that it had received binding commitments for 100-million new fully paid shares, at a price of 7c each from investors in both Australia and Asia.
“We are grateful to new and existing shareholders for their support of this placement. The pricing of the placement, which represents a 16% discount to the five-day volume-weighted average price, is reasonable for such a raising and the level of demand received is a strong vote of confidence in the company’s strategy and the potential that investors see in the Bawdwin asset,” said Myanmar executive chairperson and CEO John Lamb.
Funds raised would allow Myanmar to extend the option over the Bawdwin project through to May 2018, as planned, and to advance due diligence work at the project, as well as to fund general working capital expenses.
Myanmar earlier this year reported a maiden mineral resource estimate of 41.4-million tonnes, grading 7.5% lead, 3.5% zinc, 0.33% copper and 178 g/t silver at Bawdwin, making it one of the largest underdeveloped high-grade zinc/lead/silver/copper deposits in the world.