Mt Malcolm Mines (ASX:M2M) has completed its non-renounceable rights issue, raising $1.03 million to fund a processing plant study at its namesake gold project in Western Australia.
The company will issue 148.24 million shares under the offer, comprising 61.35 million shares from rights taken up and 86.89 million shares from the shortfall.
Mahe Capital acted as lead manager for the rights issue, with new securities to be issued today (12 June).
The processing plant study is intended to determine the feasibility of constructing a 500,000-tonne-per-annum facility at Leonora and continue advancing gold, volcanic-hosted massive sulphide, and rare earth element exploration targets at the Malcolm Gold Project.
Mt Malcolm Mines is focused on gold exploration in the central eastern Goldfields of Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Mt Malcolm Mines
