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Symbol Mining to raise up to $2.16 million for exploration at world-class zinc-lead Macy deposit

77 million placement shares will be issued under the company’s existing 15% placement capacity with completion expected on March 25, 2019.

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The Macy mine, within the company’s wider Imperial joint venture is in Bauchi State, Nigeria

Symbol Mining Ltd (ASX:SL1) has received firm commitments for about $1.8 million via a placement of 144,260,000 shares at 1.25 cents a share with one free attaching option per 2 shares issued.

The placement attracted strong support from existing shareholders and brokers as well as participation of new shareholders, reinforcing Symbol’s robust business case and long-term strategy to transition into a mid-tier mining company.

Funds will be used to advance exploration activities at the Macy mine including the start of the next drilling campaign and general operating and working capital.

READ: Symbol Mining doubles exploration holding in benue trough

Symbol managing director Tim Wither said: “The completion of the capital raise ensures Symbol has the financial flexibility needed to complete commissioning of the processing plants to achieve commercial production at our Macy mine.

“Mining has been progressing above the expectations and completing the commissioning of the processing plants is the final step to realising our goal of creating a cash generating asset.

“The funding will also allow the immediate commencement of our exploration drill program for additional resources at the Macy operations, following the recent exciting ground geophysics results.”

Entitlements issue

Symbol is also proposing to undertake a fully underwritten non-renounceable pro-rata entitlements issue which will offer shareholders the opportunity to subscribe for one option at 2 cents on or before June 30, 2021, for every two existing fully paid ordinary shares at an issue price of 1 cent per loyalty option.

About 364.59 million loyalty options will be offered to shareholders under the entitlements issue to raise up to $364,592.56 before costs.

Quick facts: Symbol Mining Ltd

Price: 0.007 AUD

ASX:SL1
Market: ASX
Market Cap: $5.01 m
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