AIC receives firm commitments for $30M to fund development at Eloise Copper Mine

Key battery metals executives chip in for $13.5M MinRex placement

MinRex Resources (ASX: MRR) is set to move forward with a $13.5 million capital raising following receipt of ‘firm commitments’ from strategic investors, including a cornerstone $6.8 million investment from a group of Chinese and Australian mining executives.

Funds from the placement, which the company reports was ‘heavily oversubscribed’, are earmarked to fast-track exploration work at its Pilbara Lithium Projects, with 25,000m of drilling targeted over the coming 12 months.

Addressing the news, Managing Director George Karageorge said: “This capital raising marks another important milestone in our journey to becoming the next lithium producer in Pilbara. The past six months has seen us complete an outstanding acquisition of highly prospective Lithium-Tin-Tantalum Projects, with the identification of extensive spodumene and lepidolite from surface pegmatites.

This capital raising marks another important milestone in our journey to becoming the next lithium producer in Pilbara

The successful completion of the Placement will allow MinRex to increase our exploration momentum during this year. We look forward to furthering our relationships with our cornerstone investors given their experience in the exploration, development, refining and processing of precious and battery metals in Australia.

Finally, I would like to acknowledge the support of all new and current shareholders, who have demonstrated such support by their commitment to subscribe for $13.5 million under the Placement.”

The placement was completed at $0.062 per fully-paid ordinary new share, representing a 16.2% discount to the company’s 15-day VWAP and last closing price of $0.074.

Investors also received free attaching options on a 1:2 basis, exercisable at $0.10 with a 2 year term, subject to shareholder approval.

Written By Jonathan Norris
Jonathan is a founder of Mining.com.au and has been covering the resources industry since 2018. With over 17 years experience in print, broadcast and online media, Jonathan has seen first hand the transformative effect of online niche media.