Moho Resources Ltd (ASX:MOH) has received firm commitments from sophisticated and professional investors to raise $974,562 through a placement of shares at an issue price of $0.033 each.
The bookbuild was oversubscribed with strong demand from investors.
Moho managing director Shane Sadleir said: “Moho is delighted with the positive market response to our capital raising in particularly difficult market conditions and appreciates the valuable support provided by RM Corporate.”
Proceeds from the placement will be used for general working capital and applied to exploration at Moho’s projects.
Black Swan South
Moho has generated multiple nickel targets for drill testing at the Black Swan South Nickel prospect of the Silver Swan Nickel Mine in WA following a review of historical geochemical assay data.
Sadleir recently said: “Moho considers that the Black Swan South nickel prospect is under-explored, given this positive outcome from the geochemical review and that most historical drill holes terminated at less than 80 metres below surface.”
Moho will use a part of the proceeds from the latest placement toward:
- ~1,800 metres RC (reverse circulation) drill program to test basal contact of interpreted ultramafic unit
- DHEM (downhole electromagnetic) survey of selected RC holes and ground EM (electromagnetic) survey over magnetic anomaly to assess the potential for further nickel targets
Manjimup
Moho recently acquired the Manjimup Nickel-Copper-Platinum Group Element (PGE) Project in southwest Western Australia.
The company has already discovered several geological, geochemical and geophysical features at Manjimup similar to IGO Ltd’s Nova Nickel-Copper-Cobalt Project.
Moho has laid out plans for further exploration at Manjimup, including:
- Orientation soil sampling survey and geological mapping
- Landowner engagement and land access agreements
- Level 2 fauna and flora surveys
- Geophysical surveys (ground gravity and EM)