ASX-listed Metador Mining has raised A$5.8-million through an oversubscribed financing to institutional, professional and sophisticated investors of about 116.2-million shares at an average price of A$0.05 a share.

In conjunction with the equity raise, the company will offer eligible shareholders in Australia and New Zealand the opportunity to participate in a share purchase plan at the same price as the traditional placement at A$0.04 a share.

“We are very pleased with the strong support and vote of confidence we have received from our existing shareholders, who understand the world of exploration, including the opportunities and the risks, and are there to support the growth of the business,” said Matador MD and CEO Sam Pazuki.

He also noted that, through the financing, Matador attracted several new institutional investors including one large Toronto-based resource fund and one marquee UK-based resource fund.

“B2Gold’s continued investment in and involvement with our business is an endorsement of our district-scale land package, the prospectivity of the tenements, the exploration team in Newfoundland and our world-class approach to exploration.”

Pazuki reported that Matador had discovered gold in basement over a 60 km stretch spanning the eastern portion of Long Range to the western portion of Malachite based on the results from its exploration programme over the past 18 months.

“We have identified dozens of new targets within the resource corridor and greenfields setting based on these results and with input from B2Gold and other external experts. Additionally, we continue to advance the Hermitage property, which demonstrates significant potential to host multi-million-ounce, multi-metal deposits. We are in the process of ranking and prioritising our targets for the 2024 exploration programme which could include a winter exploration component.”