McLaren Minerals (ASX:MML) has closed its share purchase plan (SPP), raising $1.65 million to fund a Bankable Feasibility Study (BFS) for its namesake project, among others.
The SPP closed on 8 May 2026 and was underwritten by Leeuwin Wealth to $1.5 million. The plan closed with valid applications totalling $707,500 and included the completion of a $150,000 placement to a major shareholder.
The company will issue a total of 53.59 million shares on 15 May, including the placement shares, before regular trading begins on 18 May.
Eligible shareholders who applied for new shares under the offer will also receive one free attaching option for every two new shares subscribed.
Each SPP Option will have an exercise price of $0.035 and an expiry date of 5 February 2028.
Funds will be deployed to BFS works at the McLaren Project, exploration works at Barossa, and for general working capital.
McLaren Minerals is a junior explorer focused on developing projects considered prospective for critical minerals.
Write to Maddison Elliott at Mining.com.au
Images: McLaren Minerals
