McLaren Minerals launches fully underwritten A$1.5m share purchase plan

The latest update is out from Allup Silica Ltd. ( (AU:MML) ).

McLaren Minerals is launching a fully underwritten share purchase plan to raise approximately A$1.5 million, offering new shares at A$0.016 each, a 15.5% discount to the recent five-day volume-weighted average price, with one free option for every two new shares, subject to shareholder approval. The capital raising, underwritten by Leeuwin Wealth and accompanied by a separate A$150,000 placement to the company’s largest shareholder, is intended to fund a Bankable Feasibility Study at the McLaren Project, exploration at the Barossa Project, and general working capital, supporting the company’s progression from exploration toward potential project development.

Eligible shareholders in Australia and New Zealand on the specified record date can subscribe for up to A$30,000 in new shares without brokerage, with the board retaining discretion to scale back or accept oversubscriptions if demand exceeds the A$1.5 million target. New shares will rank equally with existing stock and, if the related options are approved and quoted, the structure may provide additional leveraged exposure for investors while strengthening McLaren’s balance sheet for near-term technical and exploration milestones.

More about Allup Silica Ltd.

McLaren Minerals Limited is an Australian-listed resources company focused on advancing its McLaren Project through a Bankable Feasibility Study and exploring its Barossa Project. The company operates in the minerals exploration and development sector and targets investors through ASX-listed equity and options instruments.

Average Trading Volume: 1,239,381

Technical Sentiment Signal: Sell

Current Market Cap: A$7.64M

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