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The latest announcement is out from Allup Silica Ltd. ( (AU:MML) ).
McLaren Minerals has launched an underwritten share purchase plan to raise approximately A$1.5 million by offering new shares at A$0.016 each to eligible shareholders in Australia and New Zealand. The offer includes the opportunity for participants to subscribe for up to A$30,000 in new shares without brokerage and, subject to shareholder approval, receive free attaching options on a one-for-two basis that are intended to be quoted on the ASX.
The capital raising, underwritten by Leeuwin Wealth Pty Ltd with joint lead managers Leeuwin and Cumulus Wealth, is priced at a 15.5% discount to the recent volume-weighted average price. Proceeds are earmarked primarily for bankable feasibility study work at the McLaren Project, exploration at the Barossa Project, and general working capital, reinforcing the company’s efforts to advance its key assets while potentially broadening its shareholder base.
More about Allup Silica Ltd.
McLaren Minerals Limited is an Australian-listed resources company focused on the exploration and development of its McLaren and Barossa mineral projects. The company operates in the mining and exploration industry and is progressing its flagship McLaren Project towards more advanced feasibility and potential development stages.
Average Trading Volume: 1,239,381
Technical Sentiment Signal: Sell
Current Market Cap: A$7.64M
See more data about MML stock on TipRanks’ Stock Analysis page.