Meteoric Resources NL (ASX:MEI) Share Placement To Raise A$0.9M
Those applicant shareholders will also be issued with 4,000,000 contributing shares for no consideration although an amount of A$0.20 in respect of each of those shares is due to be paid when called by the Company. The fully paid and contributing shares will be placed with a combination of sophisticated and professional investors.
Following the placement, Meteoric will have 74,029,251 fully paid shares and 27,504,727 contributing shares on issue and cash and liquid investments of A$2.1 million after payment of raising costs.
The funds raised will be directed to funding the drilling of hematite and magnetite iron ore targets at the Coorara project and for general working capital.
About Meteoric Resources Nl
Meteoric Resources NL (ASX:MEI) is targeting gold exploration at the Company's wholly owned Juruena and Novo Astro Gold Projects, located in the Alta Floresta Belt in the state of Matto Grosso in Central Brazil.
The Juruena Project contains a current Global Mineral Resource Estimate (JORC 2012) of 1.3Mt for 261koz Au at 6.3 g/t comprising:
- High grade Dona Maria & Querosene resources - 436,000t @ 14.7g/t for 205,000 oz Au
- Large-tonnage, lower-grade Crentes resource with - 846,000t @ 2.0 g/t for 55,000 oz Au
MEI is currently carrying out its maiden drilling program in Brazil with first results anticipated in September 2019.
Meteoric Resources Nl