Mithril Resources (ASX:MTH) has successfully completed a share placement for $0.85 million, increasing cash reserves to around $3 million.
The placement, comprising 32.9 million shares at an issue price of $0.026, was made to sophisticated investor clients of Lead Manager BW Equities, including a number of existing major shareholders, indicating a healthy level of confidence in Mithril's Norther Territory operations.
Funds are to be utilised for ongoing copper exploration activities at the highly prospective East Arunta Project, with a 3000 metre reverse circulation program to drill test 6 near-surface copper targets commencing in days.
Targets include Mini Me West, where an 800 metre electromagnetic and geophysical anomaly is overlain by outcrops of copper mineralisation with rock chip results up to 1.91% copper.
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