Maronan Metals (ASX:MMA) has entered a binding agreement with Kinterra Capital Corp’s Kinterra Fund II to raise around $22 million before costs through a strategic private placement.
Maronan will issue 62.8 million shares at an issue price of $0.35 per new fully paid ordinary share, representing the five-day volume weighted average price up to and including 15 May 2026.
Maronan Metals notes that upon completion of the deal, the Kinterra Fund II will directly and indirectly hold around 19.99% of the company’s issued shares.
Chairman Simon Bird says that the company welcomes Kinterra as a strategic investor.
“After a long period of engagement with Kinterra and extensive due diligence, we view a material investment from a quality and experienced fund like Kinterra as a tremendous endorsement of the Maronan Project and strong validation of Maronan’s larger scale development plan and vision,” Bird says.
Managing Director Richard Carlton also notes that the company is pleased to have Kinterra on board to help accelerate the Maronan Project.
“Maronan is now fully funded for its expanded drilling program, which we view as one of the critical workstreams required to underpin the delivery of a PFS on a larger scale and longer life project relative to our Starter Zone Preliminary Economic Assessment released last year.”
Taylor Collison acted as financial advisor and Steinepreis Paganin as legal advisor for the strategic placement.
Maronan Metals is an exploration and development company focused on the Maronan Project in North West Queensland.
Write to Amy Rotman at Mining.com.au
Images: Maronan Metals
