Miramar Resources Ltd (ASX:M2R) has received a boost for its Gidji Joint Venture Project in WA, having closed the entitlement offer it announced on June 14 and raising $279,881 before costs.
The placement options offer, which featured in a replacement prospectus the company released on June 20, was fully subscribed.
Fully subscribed offer
The company will now issue 38,693,334 options exercisable at $0.25 each, expiring two years from the date of issue following the completion of the entitlement offer and placement option offer.
The options will be quoted under the ASX code M2RO. The company directors have the discretion to place a shortfall offer.
Miramar will plunge these funds into an accelerated exploration program at the Gidji Joint Venture Project (Gidji JV), with plans to prospect at a number of projects in the Eastern Goldfields, Murchison and Gascoyne regions of Western Australia. The cash will also serve as working capital.
The company expressed its gratitude for the continued strong shareholder commitment to its future.
About Miramar Resources
Miramar Resources is a West Australian-focused miner targeting the Eastern Goldfields, the Murchison and Gascoyne regions.
The company’s portfolio contains high potential for new gold and nickel-copper-platinum group element (PGE) discoveries with viable transport to existing operations.