MRG Metals Ltd (ASX:MRQ) has raised $660,000 via the placement of shares to expand its ongoing exploration activities including the recently started aircore drilling programs at the Corridor Heavy Mineral Sands (HMS) Projects in Mozambique.
The company has raised the fund through the placement of 110 million shares at six cents per share to sophisticated and professional investors.
Following the placement, the drilling, together with associated mineral assemblage analysis will now include the initial drill testing of further new targets, including Zulene.
The funds raised also provides a capacity to start infill or extension drilling to establish a new high-grade JORC Mineral Resource at the Corridor South Project.
“Aggressively extend exploration activities”
MRG chairman Andrew Van Der Zwan said: “We are pleased to have received such strong support to fund our extended exploration program at the Corridor Projects where recent work including the recent mineral assemblage work is demonstrating the significant potential of several of our existing prospects whilst identifying further new targets.
“Through this Placement, MRG now has the financial flexibility to aggressively extend exploration activities across its HMS project suite in Mozambique and we would like to thank investors, both new and existing, for their support.”