McLaren Minerals (ASX:MML) is set to finalise the Prefeasibility Study (PFS) for its namesake titanium project in Western Australia, via conducting a two-tranche placement to raise $1.282 million.
Under the placement, shares will be issued at $0.0225 per share. Investors will also receive one free-attaching option for every one new shares subscribed for, exercisable at $0.034 on or before 30 months from the issue, subject to shareholder approval.
CPS Capital will act as the manager for the placement.
The funds will be used to complete various workstreams for the PFS at the McLaren Titanium Project, including engineering and design works, assay costs, resource estimation and general working capital.
Managing Director Simon Finnis says the funding comes at a pivotal time for the company, as it looks to advance its namesake project towards development and production.
Finnis says this placement enables the company to update the resource, complete the PFS, and give the company a solid head start into the next phase of development.
The McLaren Mineral Sands Project, comprising 333km2, is located on the western side of the Eucla Basin, adjacent to the Fraser Range in Western Australia. The project has an indicated and inferred resource of 280 million tonnes @ 4.8% heavy mineral content.
McLaren Minerals is focused on fast tracking to production and unlocking global demand at its namesake mineral sands project.
Mineral sands are used in a wide range of applications, from everyday household products to advanced technologies such as renewable energy and medical devices. Titanium, for example, is used in aerospace, automotive, and construction industries.
Zirconium on the other hand, is used in ceramics, digital printing, and dental applications. It is also a crucial element in nuclear reactors.
Write to Aaliyah Rogan at Mining.com.au
Images: McLaren Minerals
