Successful Placement to Underpin Nickel-Cobalt Exploration
- Firm commitments received to raise $0.64M through a Share Placement with funds to expedite EM geophysics and drill testing of the high grade Kurnalpi nickel-cobalt prospect
- Work program commencing second half of January 2018
The proceeds of the share placement will be used to underpin exploration of the high grade Kurnalpi nickel-cobalt prospect (located 70 kilometres east of Kalgoorlie, WA) and provide for working capital.
EM geophysics will commence in late January with drilling to follow to test an area of strong nickel-cobalt intersected in previous drilling at Kurnalpi (see Mithril's ASX announcement dated 12 December 2017).
The placement, comprising 24,662,253 fully paid ordinary shares at an average issue price of $0.026 (2.6 cents) per share, is being made to sophisticated investors eligible under section 708 of the Corporations Act (Cth).
The placement will be issued in accordance with the Company's available 25% placement capacity, with [14,797,352] shares to be issued at $0.023 per share pursuant to ASX Listing Rule 7.1 and [9,864,901] shares to be issued at $0.031 per share (which represents a 25% discount to the 15-day trading VWAP to 18 December 2017) pursuant to ASX Listing Rule 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 Friday 29th December and the Company will make an application to the ASX for listing of these securities.
About Mithril Resources Limited
The Company and its exploration partners are actively exploring throughout the Kalgoorlie, West Kimberley and Murchison Districts of Western Australia for economic nickel, copper, zinc, and vanadium deposits.
In the Kalgoorlie District, Mithril is exploring for nickel on the Kurnalpi, Lignum Dam and North Scotia Projects which lie along strike from, or adjacent to previously mined high-grade nickel at the Silver Swan and Scotia Nickel Deposits.
In the West Kimberley, Mithril is exploring for zinc on the Billy Hills Project which lies adjacent to the previously mined Pillara Zinc Deposit.
In the Murchison, Mithril is exploring for copper, nickel and zinc mineralisation on the Nanadie Well Project and for copper, silver, zinc and lead on the Bangemall Base Metal Project. Mithril's exploration partner – Monax Mining Ltd is also exploring for vanadium on the Limestone Well tenements.
Mithril Resources Limited