McLaren Minerals (ASX:MML) has extended the date of a previously reported share purchase plan (SPP) from 1 May to 8 May 2026.
On 16 April, the company announced the SPP which aims to raise $2.5 million to fund its namesake titanium project located in Western Australia, as well as its Barossa Zircon Mineral Sands Project in South Australia.
McLaren Minerals, which has a market capitalisation of $6.43 million, 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.
Under the placement, shares will be issued $0.016 and will comprise one free-attaching option for every new shares subscribed for. The options will be exercisable at $0.035, expiring on 5 February 2028.
The funds will be applied toward a Bankable Feasibility Study at the McLaren Project, as well as exploration activities across Barossa.
The McLaren Minerals Titanium Project, covering 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 estimate of 529 million tonnes @ 4.5% heavy mineral for 13.5 million tonnes.
McLaren Minerals is a junior explorer focused on the development of projects considered prospective for critical minerals.
Write to Aaliyah Rogan at Mining.com.au
Images: McLaren Minerals
