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Minotaur Exploration secures cornerstone investor at a 'significant premium'

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Minotaur Exploration's (ASX: MEP) cash position will swell following a cornerstone investment at a significant premium to a private equity company, which includes an immediate cash injection of $1.05 million into Minotaur.

The deal provides Minotaur with a diverse funding channel through which to accelerate exploration activities within the Cloncurry district, with the company estimating it will hold cash reserves of $8.5 million at the end of June 2013, which would include this placement.

The investment from a private equity company will be comprised of a cornerstone placement of $750,000 for the issue of 4.2 million shares at $0.18 per share, with a 1 for 2 attaching option with a strike price of $0.30.

There will also be a further injection of $300,000 plus stamp duty for a 50% interest in Minotaur’s wholly-owned subsidiary, Minotaur Gold Solutions Ltd.

Minotaur and the private equity group jointly advance both copper-gold and gold focused exploration and development projects within Australia, including existing Minotaur assets - along with other opportunities from advanced exploration through to development.

Earlier in the month Minotaur entered into a joint venture with Falcon Minerals (ASX: FCN) to explore for copper-gold mineralisation on two Falcon tenements in the Cloncurry district of northwest Queensland


Minotaur to purchase the Scotia Project

Recently Minotaur Gold Solutions Ltd entered into a binding Sale and Purchase Deed with Breakaway Resources (ASX: BRW) to acquire the Scotia Project for $600,0000, which is located 65 kilometres north of Kalgoorlie in Western Australia.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Minotaur Exploration Ltd

Price: 0.044 AUD

ASX:MEP
Market: ASX
Market Cap: $16.28 m
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Minotaur Exploration reveals high-grade copper shoots at Jericho JV

Minotaur Exploration Limited (ASX:MEP) managing director Andrew Woskett updates Proactive Investors on the company’s Jericho JV (OZ Minerals 80%, Minotaur 20%) copper discovery southeast of Cloncurry, northwest Queensland. Early intercepts show encouraging results, with thick and high...

on 26/8/19

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