Marmota Secures AU$15 Million Through Placement; Shares Fall 3%

MT Newswires Live

02/12

Marmota (ASX:MEU) has successfully secured firm commitments from institutional, professional, and sophisticated investors to raise AU$15 million through the issue of around 111.1 million new shares at AU$0.135 each, representing a 12% discount to the 10-day volume-weighted average price, according to a Thursday filing with the Australian bourse.

The shares are expected to settle on Feb. 17, with allotment scheduled for Feb. 18, per the filing.

The funds will be used to accelerate the company's Gawler gold project, with Mainwood drilling starting in March to support resource growth for the scoping study, and may also support its titanium and uranium projects and general working capital, the filing added.

The company's shares fell 3% in recent Thursday trade.

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