Miramar Resources Ltd (ASX:M2R) has taken its recent capital raising efforts beyond $2.044 million after completing a fully underwritten non-renounceable rights issue for proceeds of $544,634.
There were 8,702,394 entitlement shares taken up by eligible shareholders for $261,072 with a further 836,813 taken up in the shortfall offer component for $25,104.
The balance of the rights issue of one share for every five saw 8,948,594 shortfall shares allocated to the underwriter, Westar Capital Pty Ltd, for $258,458.
Rights issue shares are expected to be issued on Monday, July 24, 2023, in accordance with the timetable.
READ: Miramar Resources raising $2 million to fund Gascoyne exploration programs
This follows the company raising $1.5 million from a placement to sophisticated investors that closed last month.
Use of funds
Funds raised will primarily be used for upcoming exploration programs, including drilling, at the company’s 100%-owned Whaleshark and Bangemall projects in the Ashburton and Gascoyne regions of WA, and to fund the company’s working capital.
On completing the placement, Miramar executive chairman Allan Kelly said: “Over the last two-and-a-half years, whilst outlining a significant amount of gold near Kalgoorlie, we also developed highly prospective targets at Whaleshark, for IOCG mineralisation, and in the Bangemall region for nickel-copper-PGEs, each capable of hosting a significant deposit.
“With the recent successful EIS funding application, the raising means the company is now well-funded to complete planned drilling programs at Whaleshark and Mt Vernon.”