Moho Resources Ltd (ASX:MOH) has raised $1.113 million from a share purchase plan (SPP) to fund advanced exploration activities at its highly prospective gold projects in Australia.
The new funds will be used primarily at the company’s 100%-owned Silver Swan North Gold Project near Kalgoorlie, with a focus on advancing the next phases of exploration and development of the highly prospective East Sampson Dam prospect.
Moho will also use the proceeds for advancing gold exploration at the Burracoppin Project in the WA Wheatbelt and the Empress Springs Project near Croydon in Queensland.
Issue price of 13 cents per share
Under the SPP, the company received applications from shareholders for 8.56 million new shares at an issue price of 13 cents per share for a total of about $1.113 million.
The new shares are expected to be issued on or about September 8, 2020.
JMEI Scheme
Moho’s recently had its application to participate in the Junior Mineral Exploration Incentive (JMEI) Scheme accepted and received an allocation of up to $1.05 million of exploration credits for the financial year ended June 30, 2021.
The JMEI Scheme applies to Australian residents who acquire new shares in mineral exploration companies that carry out greenfields mineral exploration in Australia that have received an exploration credit allocation.
Eligible investors must be Australian resident shareholders who apply for and are issued shares in Moho’s capital raising activities during the 2021 income year.
JMEI credits will be distributed to all eligible investors on a pro-rata basis proportionate to their investment and are generally in the form of refundable tax offsets.