McLaren Minerals (ASX:MML) will aim to raise as much as $2.5 million for its McLaren Titanium Project, 150km east of Norseman in Western Australia, and its Barossa Zircon Mineral Sands Project – 120km north of Thevenard Port in South Australia.
McLaren has appointed Leeuwin Wealth and Cumulus Wealth Management as joint lead managers for the share purchase plan. Leeuwin is also performing the underwriting and corporate advisory work.
The mining company initially plans to raise $1.5 million and there is potential to raise a further $1 million through a top-up share placement.
Sub-underwriters and other investors who participate in the first placement at $0.016 per unit will be invited to apply for “free attaching options”, which includes one free option for every two new shares subscribed for under the placement. Each share purchase plan option has a 3.5 cent exercise price that expires on 5 February 2028.
The deal is subject to shareholder approval and meeting Australian Securities Exchange requirements.
The board promises to use proceeds towards a Bankable Feasibility Study at the McLaren Project, exploration works at the Barossa Project, and both general working capital and capital raising expenses.
The offer opened at 5pm (Perth time) on 15 April 2026 and closes at 5pm (Perth time) on 1 May 2026.
McLaren Minerals is both a critical and heavy minerals producer with assets in Western Australia’s Eucla Basin and South Australia’s Eyre Peninsula.
Write to Richard Szabo at Mining.com.au
Images: McLaren Minerals
