Musgrave raises cash for Cue
PERTH (miningweekly.com) – Junior Musgrave Minerals will raise A$10-million to fund resource growth at its Cue gold project, in Western Australia.
The ASX-listed company on Friday said it had received firm commitments for the placement of 40-million fully paid ordinary shares in the company, at an issue price of 20c each, from institutional, professional and sophisticated investors.
The placement price represented a 13% discount to Musgrave's last closing price and a 14% discount to its 15-day volume weighted average share price.
In addition to the share placement the company will also undertake a share purchase plan (SPP) to raise an additional A$2-million, giving existing shareholders the opportunity to subscribe for an additional A$30 000 of additional shares in the company.
The SPP will open on December 2 and close on December 20.
Funds from the capital raise will go towards the completion of the Stage 1 prefeasibility study at the Cue gold project, focusing on the initial years of production, and to complete and submit a mining proposal for the project. Funding would also go towards development work, resource drilling, regional exploration and for general working capital.
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