Miramar Resources Ltd (ASX:M2R) is looking to raise up to $353,409 before costs to fund accelerated exploration at the Gidji Joint Venture Project.
The company will proceed with a non-renounceable rights issue of options on the basis of one new option for every two fully paid ordinary shares held by eligible shareholders at an issue price of $0.01 per option.
This entitlement offer is fully underwritten and the company has engaged PAC Partners Securities Limited to act as lead manager and underwriter to the offer.
Capital for exploration at Gidji
Funds raised will be allocated to exploration at Gidji joint venture, to undertake further exploration at projects in the Eastern Goldfields, Murchison and Gascoyne regions of Western Australia, and to fund the working capital of the company.
The entitlement offer is available to all Australian and New Zealand shareholders named on the register at 5:00pm (AWST) on June 20 – it’s unavailable to shareholders outside those two jurisdictions.
The rights issue will close at 5:00pm (AWST) on July 4, and quotation of the options will occur on July 14.
Eligible shareholders can download personalised entitlement offer application form from the share registry, Automic, and the company is only receiving payments via BPAY®.
The company will apply to have the options quoted and tradeable on the ASX.
Placement option offer
The company will also offer up to nearly 13 million options under the prospectus to participants in the placement and to the lead manager – further details are set out in the company’s prospectus.