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Minotaur Exploration enhances share purchase plan to $2.1 million following strong investor demand

The overwhelming response encouraged Minotaur to increase the size of the offer from $1 million to $2.1 million.

Minotaur Exploration Ltd - Minotaur Exploration enhances share purchase plan to $2.1 million following strong investor demand
Minotaur has a robust balance sheet and a cash balance of $8.2 million

Minotaur Exploration Ltd (ASX:MEP) has scaled back its share purchase plan (SPP) after receiving applications for $3.4 million while the target was to raise $1 million only.

Following the strong support from shareholders, Minotaur has decided to increase the size of SPP to $2.1 million, which it plans to spend on the company’s fully-owned Australian projects.

“Very gratifying result”

Minotaur chairman Roger Higgins said: “This is a very gratifying result, replicating the recent over-subscribed Placement and signifying shareholders’ con­fidence in the company and its suite of projects.

“Minotaur will work to invigorate its wholly-owned portfolio and the Board looks forward to realising their potential.”

SPP details

The company has decided to allocate shares to at least 75% of the subscriptions from eligible shareholders with a holding of 10,000 shares or more.

Accordingly, Minotaur will allot 42.3 million new shares at a price of 5 cents a share to raise a total of $2.1 million, which will be in addition to the $4.05 million raised through the recently completed placement.

Allotment of the new securities is scheduled on September 28, 2020, and application funds exceeding those retained from each shareholder will be returned in line with the stated scale back policy by mail on October 1, 2020.

Use of funds

Minotaur plans to use the additional funds raised through the SPP in its 25% joint venture, Great White Kaolin Project, on the Eyre Peninsula in South Australia.

The funds will also be directed to Minotaur’s 50% holding in Natural Nanotech Pty Ltd, innovating research into new commercial uses of halloysite-kaolin nanoparticles.

Minotaur will also spend on ground geophysics programs that are going to start at Peake & Denison Project, the Warrawee Prospect and the Breena Plains JV area in October 2020.

                                                                                                                          

Quick facts: Minotaur Exploration Ltd

Price: 0.074 AUD

ASX:MEP
Market: ASX
Market Cap: $36.51 m
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