Successful Placement to Underpin Gold Drilling
- Share placement has received firm commitments to raise $0.25M with funds to expedite drill testing of the Kombi Gold Prospect and Fenceline Gold Prospect
- RC drilling commencing at Kombi early September
The proceeds of the share placement will be used to expedite drill testing of the Kombi Gold Prospect and Fenceline Gold Prospect (located 70 kilometres southeast of Meekatharra, WA) and provide for working capital.
RC drilling is due to commence at Kombi early next month.
The placement, comprising 127,215,574 fully paid ordinary shares at an issue price of $0.002 (0.2 cents) per share, is being made to sophisticated investors eligible under section 708 of the Corporations Act (Cth). 10M unlisted Broker Options exercisable at $0.01 (1 cent) and expiring on 31 December 2020 are also to be issued subject to Shareholder approval.
The placement was made in accordance with the Company's available 25% placement capacity pursuant to ASX Listing Rules 7.1 and 7.1A. The new shares will rank equally with existing Mithril ordinary shares quoted on the ASX.
Completion of the placement and receipt of the funds is expected to occur on or around Monday 4th August and the Company will make an application to the ASX for listing of these securities.
About Mithril Resources Limited
Mithril Resources Limited (ASX:MTH) is an Australian resources company whose objective is the creation of shareholder wealth through the discovery and development of mineral deposits. Mithril are exploring for a range of high-value commodities (principally nickel, cobalt, copper and zinc) throughout the Meekatharra, West Kimberley and Kalgoorlie Districts of Western Australia. The Company is also exploring South Australia's far western Coompana Province for magmatic nickel – copper deposits with OZ Minerals Limited.
Mithril Resources Limited