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Meteoric Resources to raise A$0.9m for iron drilling targets at Coorara

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Meteoric Resources (ASX: MEI) will raise A$900,000 by placing 6,000,000 shares with CPS Securities at $0.15 per share.

The funds raised will be for drilling hematite and magnetite iron ore targets at the Coorara project in Western Australia and for general working capital.

Applicant shareholders will also be issued with 4,000,000 contributing shares (ASX: MEICA) for no consideration, though an amount of $0.20 is due to be paid when called by the company.

Following the placement, Meteoric will have 74,029,251 fully paid shares and 27,504,727 contributing shares on issue and cash and liquid investments of $2.1 million after payment of raising costs.

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Price: 0.034 AUD

ASX:MEI
Market: ASX
Market Cap: $38.14 m
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