McLaren Minerals (ASX:MML) has received firm commitments to place the shortfall of shares from a pro-rata non-renounceable entitlement offer announced on 29 October 2024.
The shortfall placement was managed by CPS Capital.
Following the closure of the offer in November, McLaren Minerals exercised its right to place the shortfall shares, which will be placed in two tranches with the first settling immediately and tranche two to settle at the end of January 2025.
Just over 20.582 million shares will be placed in tranche one, and further shares will be placed in tranche two, at an issue price of $0.035 per share, raising about $1.31 million.
All up, about $1.5 million will be raised following completion of both tranches, which will be used for the McLaren Mineral Sands Project’s Prefeasibility Study, exploration and tenement fees, offer costs, and working capital.
Write to Adam Orlando at Mining.com.au
Images: McLaren
