Mamba Exploration Limited (ASX:M24) Raises $850K in Share Placement
Share Placement Details
Mamba Exploration Limited (ASX:M24) has successfully raised $850,000 through a share placement. The placement received strong support from professional and sophisticated investors, comprising two tranches of fully paid ordinary shares.
Tranche 1 will issue 46.875 million shares at $0.01 each, raising $468,750. This tranche will be issued immediately under the company’s existing placement capacity. Tranche 2 consists of 38.125 million shares, expected to raise $381,250, subject to shareholder approval at an Extraordinary General Meeting in January 2025.
Use of Funds
The funds raised will be allocated to advancing exploration at Mamba’s projects in Western Australia, assessing new opportunities, and supporting working capital requirements, including the costs associated with the share offer.
Executive Commentary
Simon Andrew, Executive Director of Mamba Exploration Limited, expressed enthusiasm about the placement: “We are thrilled with the support received from existing shareholders in the placement and welcome new shareholders to the register. The funds raised will allow us to build on the significant progress already achieved at our key projects. We also look forward to assessing further new opportunities as they present themselves.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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