Morella Corporation Limited (ASX:1MC) Secures A$1.4m Placement
Placement Details
Morella Corporation Limited (ASX: 1MC) has announced a successful placement of approximately 55 million new fully paid ordinary shares. The placement aims to raise around A$1.4 million, with an issue price of A$0.026 per share, representing a 16% discount to the last closing price.
This placement comprises two tranches, with Tranche 1 set to raise A$706,600 by issuing 27,176,923 shares. Tranche 2 is anticipated to raise A$724,537 through 27,866,790 shares, which is subject to shareholder approval at an upcoming Extraordinary General Meeting (EGM) scheduled for February 2025.
Use of Funds
The proceeds will enhance exploration activities and support the development of future drilling targets across Morella’s projects in Western Australia and Nevada. Additional funds will be allocated for general working capital.
Executive Comments
Managing Director James Brown stated, “The support from new and senior shareholders coupled with the continued support of the Morella board of directors goes a long way to validating the direction of the Company. Morella has an attractive suite of projects with this funding directed toward maintaining positive momentum of these projects.”
Trading Information
This announcement includes details necessary to lift the trading halt requested on 12 December 2024. The Company is not aware of any reasons preventing the reinstatement of trading on its securities.
Motley Fool contributor Lauren Surplice 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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