Marindi Metals in $4.4 million cash raiser for gold, lithium, zinc projects

2017-12-08 11:13:00
The funds raised will be used for exploration in Western Australia and the Northern Territory.
New conglomerate gold opportunity in the Pilbara

Marindi Metals Ltd (ASX:MZN) is undertaking a placement and a fully underwritten non-renounceable entitlement offer to raise up to $4.4 million.

READ: Marindi Metals’ shares surge on new conglomerate gold opportunity in the Pilbara  

The funds raised will be used to fund exploration at its highly prospective gold, base metal and lithium projects in Western Australia and the Northern Territory.

Marindi’s fundraising comprise a placement of shares to institutional and sophisticated investors which has raised $1.3 million.

This will be followed by a fully underwritten, non-renounceable entitlement offer of shares to existing shareholders to raise up to $3.1 million.

The subscription price for both the placement and the entitlement offer is $0.012 per share.

Marindi will use the funds for ongoing exploration at the following projects:

- Bellary gold in conglomerate project and the Newman gold/base metal projects in the Pilbara; and

- The Forrestania Lithium Project and the Caranbirini Zinc Project in the Northern Territory.

This Bellary gold in conglomerate project is located on the Bellary Dome and covers circa 25 square kilometres.

The tenement has been historically worked for alluvial gold with extensive dry blowings, detector diggings and pitting over an area of circa 600 by 100 metres.

Importantly, the prospectivity of the tenement is highlighted by the presence of numerous alluvial gold workings and prospecting pits with values up to 22 g/t gold.

READ: Marindi Metals confirms potential for conglomerate gold at Newman Project