Argonaut as Lead Manager has been successful in raising of A$2.03 million for Marindi Metals Limited (ASX: MZN) (“Marindi”) to existing shareholders and new sophisticated and professional investors of 203,000,000 new ordinary shares at an issue price of A$0.01 per share.
The company has also launched a Shareholder Purchase Plan (“SPP”) to raise an additional $1M.
Proceeds from the capital raising will enable Marindi to expand and accelerate exploration at its flagship 100% owned Newman Base Metals Project in WA, where its 2016 drilling campaign commenced last week, help fund preliminary work at both is Caranbirini Lead-Zinc Project in the NT and its recently acquired Forrestania Lithium Project in WA.
Commenting on the Placement and SPP, Marindi’s Managing Director Joe Treacy said: “We are very pleased with the very strong support for the raising from existing shareholders, which is a strong vote of confidence in the quality of our assets and the programs we have underway to unlock the value, both of our Newman Base Metal Project and our newly acquired lithium portfolio in the merging Forrestania region.
Together with the proceeds of the SPP – which will enable all shareholders to participate in this milestone capital raising on the same terms – this raising puts Marindi in a very strong position to increase the pace of exploration at the Newman Project and to add value through targeted exploration at the Caranbirini Lead-Zinc project and the Forrestania Lithium project.”
Argonaut is delighted to provide support to Marindi and looks forward to continue working with the company.
Additional information regarding Marindi and the Capital Raising can be found on the company’s website at www.marindi.com.au.