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Matador Mining has new substantial shareholder in Nero Resource Fund

Nero, for which Treasury Services Group acts as trustee for, holds 7,436,574 shares valued at more than $2.157 million.

Matador Mining Ltd - Matador Mining has new substantial shareholder in Nero Resource Fund
The company is preparing for a drilling program at its Canadian gold project

Matador Mining Ltd (ASX:MZZ) has a new substantial shareholder in WA-based Nero Resource Fund, which has a 5.02% stake.

Nero, for which Treasury Services Group acts as trustee for, holds 7,436,574 shares valued at more than $2.157 million and reached substantial holder status on July 10.

A$8.7 million raised

The gold explorer, which is focused on the highly prospective, yet largely under-explored, Cape Ray Shear in Newfoundland, has this month completed a A$8.7 million placement.

This was strongly supported by Australian and international institutional investors and places the company in a strong position to fund a major exploration program at the Cape Ray project.

The placement along with existing cash and anticipated proceeds from the exercise of listed options means Matador expects to be funded to complete its 2020 and 2021 exploration programs.

Drilling preparations

Matador will begin a 12,000-metre drill program together with a major greenfields exploration program at Cape Ray later this month.

Site preparations are underway for the drilling, which is expected to start in the coming weeks.

A scoping study released in May 2020 outlined an initial 7-year mine life, with a strong IRR (51% post-tax), rapid payback (1.75 years) and LOM AISC of US$776 per ounce.

Quick facts: Matador Mining Ltd

Price: 0.445 AUD

ASX:MZZ
Market: ASX
Market Cap: $70.24 m
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Matador Mining raises A$8.7 million to fund major exploration program at...

Matador Mining Ltd's (ASX:MZZ) chairman Ian Murray speaks to Proactive soon after announcing they've raised A$8.7 million in a placement that was strongly supported by Australian and international institutional investors. He says they're now in a strong position to fund a major exploration...

4 weeks, 2 days ago

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