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Mithril Resources Limited: Successful placement to underpin nickel-cobalt exploration

Mining News - Published on Tue, 26 Dec 2017

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Mithril Resources Ltd advise that it has received firm commitments to raise $641,218 (before costs) through a share placement pursuant to Section 708 of Corporations Act.

Firm commitments received to raise $0.64M through a Share Placement with funds to expedite EM geophysics and drill testing of the high grade Kurnalpi nickel-cobalt prospect

Work program commencing second half of January 2018

The proceeds of the share placement will be used to underpin exploration of the high grade Kurnalpi nickel-cobalt prospect (located 70 kilometres east of Kalgoorlie, WA) and provide for working capital.

EM geophysics will commence in late January with drilling to follow to test an area of strong nickel-cobalt intersected in previous drilling at Kurnalpi (see Mithril's ASX announcement dated 12 December 2017).

The placement, comprising 24,662,253 fully paid ordinary shares at an average issue price of USD 0.026 (2.6 cents) per share, is being made to sophisticated investors eligible under section 708 of the Corporations Act (Cth).

The placement will be issued in accordance with the Company's available 25% placement capacity, with [14,797,352] shares to be issued at USD 0.023 per share pursuant to ASX Listing Rule 7.1 and [9,864,901] shares to be issued at $0.031 per share (which represents a 25% discount to the 15-day trading VWAP to 18 December 2017) pursuant to ASX Listing Rule 7.1A. The new shares will rank equally with existing Mithril ordinary shares quoted on the ASX.

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Posted By : Rabi Wangkhem on Tue, 26 Dec 2017
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