PERTH (miningweekly.com) – Junior Mithril Resources will raise A$5-million through a share placement to sophisticated and professional investors to fund drilling work at its Mexican assets.
The company on Friday announced that it would place more than 263.1-million shares at a price of 1.9c each to raise the capital, with the placement to be conducted under Mithril’s existing placement capacity
The placement price of 1.9c a share represents a 12% discount to Mithril’s last closing price, and a 13.8% discount to the company’s 10-day volume weighted average share price.
Funds raised will be used to continue the 2021 drilling programme at the Copalquin gold/silver district, in Mexico, to deliver a maiden Joint Ore Reserves Committee-compliant resource and for general working capital.
“The successful maiden drill programme has provided the El Refugio discovery and the technical basis to test and expand the extents of the high-grade gold and silver mineralisation within the contiguous Cometa and Reyes project areas in the Copalquin district,” said Mithril MD and CEO John Skeet.