Moon River Moly launches $9 million financing to advance B.C. molybdenum projects

An update from Moon River Capital Ltd. ( (TSE:MOO) ) is now available.

Moon River Moly Ltd. has launched a best-efforts private placement of up to 10,588,235 units at $0.85 per unit to raise as much as $9 million, with a minimum gross proceeds condition of $2.8 million. Each unit comprises one common share and a half warrant, with whole warrants exercisable at $1.15 for 24 months after closing, and the financing is being conducted under the listed issuer financing exemption in most Canadian provinces and in certain offshore jurisdictions.

The company plans to use the net proceeds to fund baseline environmental and engineering studies to advance and de-risk its Davidson and Endako projects in British Columbia, as well as for general working capital. The financing, led by Canaccord Genuity Corp. and subject to TSX Venture Exchange and other regulatory approvals, also includes a standard 7% cash commission and broker warrants for the agents, underscoring Moon River’s efforts to progress its key molybdenum-focused assets toward potential development.

The most recent analyst rating on (TSE:MOO) stock is a Buy with a C$4.00 price target. To see the full list of analyst forecasts on Moon River Capital Ltd. stock, see the TSE:MOO Stock Forecast page.

More about Moon River Capital Ltd.

Moon River Moly Ltd. is a Canadian-based resource company focused on the acquisition, exploration and development of molybdenum, copper and tungsten assets in British Columbia. Its key projects include the Davidson molybdenum-copper-tungsten project near Smithers and the Endako Mine in central British Columbia, which the company is working to advance and de-risk through technical and environmental studies.

Average Trading Volume: 48,844

Technical Sentiment Signal: Buy

Current Market Cap: C$27.84M

For detailed information about MOO stock, go to TipRanks’ Stock Analysis page.