McLaren Minerals (ASX:MML) has raised $3.6 million through a one-for-one non-renounceable entitlement offer to fund ongoing study and exploration works at its namesake project in the Eucla Basin of Western Australia.
The company will issue one share for every share held at an issue price of $0.018 in the entitlement offer, having received a total of $4.2 million in applications.
The offer was fully underwritten by Leeuwin Wealth. Leeuwin acted as the joint lead manager with Cumulus Wealth.
McLaren will offer one short-term unlisted attaching option and one long-term listed attaching option for every two shares subscribed in this option
Sub-underwriters to the offer are to receive one free listed sub-underwriter option on the same terms as the long-term listed attaching options.
Shares and options will be allotted on 10 December 2025.
Managing Director Simon Finnis says the oversubscription of the entitlement offer is a “great outcome for McLaren Minerals, and an overwhelming response from shareholders”.
“This fully underwritten entitlement offer has materially strengthened the company’s balance sheet and positions the company to capitalise on momentum generated by our recent JORC mineral resource estimate upgrade,” Finnis says.
“These proceeds from the capital raise will go a long way to funding the Feasibility Study, and there are options in the money likely to provide further funding.
“That really changes the dynamic at McLaren, puts us in a fantastic position at this stage of our development.”
McLaren Minerals is a mineral explorer focused on developing its namesake titanium project in the Eucla Basin of Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: McLaren Minerals
