Manhattan Gold Raises A$2.33m to Fund Hook Lake Drilling via Share Placement

Manhattan Corporation ( (AU:MHC) ) has issued an update.

Manhattan Gold Corporation has raised A$2.33 million through a placement of 97.15 million new shares, issued partly under its standard capacity and partly under its additional 10% placement capacity. The funds, priced at 2.4 cents per share and placed with professional and sophisticated investors, will support an upcoming drill campaign at the Hook Lake High Project starting in the second half of April 2026 as well as general working capital.

By opting for the 10% placement capacity rather than a pro‑rata offer, the company moved quickly to secure capital while avoiding higher costs and administrative complexity. The placement results in existing shareholders’ stake being diluted from 100% to 85.26%, with new investors now holding 14.74% of the enlarged 659.1 million-share register, underscoring a strategic trade-off between funding speed and shareholder dilution.

The most recent analyst rating on (AU:MHC) stock is a Sell with a A$0.02 price target. To see the full list of analyst forecasts on Manhattan Corporation stock, see the AU:MHC Stock Forecast page.

More about Manhattan Corporation

Manhattan Gold Corporation Limited is an ASX-listed resources company focused on gold exploration and development. The company is advancing projects such as the Hook Lake High Project, aiming to grow its resource base and progress drilling activities in Western Australia and associated regions.

Average Trading Volume: 1,228,862

Technical Sentiment Signal: Strong Sell

Current Market Cap: A$11.8M

See more data about MHC stock on TipRanks’ Stock Analysis page.