Matador overshoots SPP target

8th December 2023 By: Creamer Media Reporter

The share purchase plan (SPP) of ASX-listed Matador Mining has been well supported, with applications received totalling A$4.1-million, exceeding the company’s initial SPP target raise of A$1.5-million.

Given the strong demand from shareholders, the board has resolved to accept a total sum of A$3.7-million from the SPP process.

“The SPP offered a tremendous opportunity for shareholders to purchase shares at the same purchase price as our recently oversubscribed capital raising. Between these two processes, we have successfully raised about $9.5-million representing about 70% of our market capitalisation at the time the financing was announced at the end of October 2023,” said MD and CEO Sam Pazuki.

Matador focuses on gold discoveries in Newfoundland, a destination the company sees as one of the few final frontiers of new tier-one mining jurisdictions globally.

The company is finalising its 2024 exploration programme, which will include fieldwork in as many of the months of the calendar year as possible, said Pazuki.