To fund the next Gullewa acquisition payment to ATW Gold Corp of A$1.5 million, due in early 2011, and to continue mine studies at the Deflector Gold-Copper Deposit in preparation for the feasibility study, Mutiny Gold (ASX: MYG) launched a placement and a SPP in November.
Both capital raising events were priced at $0.08.
Mutiny said the SPP closed oversubscribed, which closed yesterday, and is due to the recent price spike in the company's securities.
Over the last trading week the Mutiny share price has eased back to last night’s close at $0.14, after peaking at $0.20 last Wednesday, with each shareholder (prior to the record date) able to purchase up to $15,000 worth of shares at $0.08.
Based on the last traded price, each SPP is currently up 75%.
Mutiny has not yet disclosed details regarding if applications will be scaled back, or if early applications will be granted a higher priority.