Native Mineral Resources Holdings Limited (ASX:NMR) Secures Investment Commitment
Funding Commitment for Gold Projects
Native Mineral Resources Holdings Limited (ASX: NMR) has secured a conditional commitment from entrepreneur Wes Maas. He plans to acquire up to 19.9% of NMR’s issued shares, subject to the company raising at least $7.9 million from existing shareholders or via placements from the Entitlement Offer’s shortfall.
The Entitlement Offer aims to raise up to $15.9 million, with Mr. Maas’s investment expected to exceed $6.5 million if the minimum subscription condition is fulfilled. Shares will be issued at an Offer Price of $0.04.
Management Involvement
NMR’s Managing Director and CEO Blake Cannavo will take up his full entitlement of over $3 million as part of this Offer. He is also poised to support the company with up to $1.2 million in convertible notes, pending shareholder approval.
Project Development Focus
The funds raised will be used to develop NMR’s Far Fanning and Blackjack deposits in Northern Queensland. This financial backing positions NMR as it aims to become a gold producer by the third quarter of this year. Cannavo stated, “Having Wes Maas conditionally commit to invest in any shortfall from the current Entitlement Offer is a significant endorsement of the Company and our plan to advance the recently acquired Far Fanning and Blackjack gold projects in north Queensland.”
Maas expressed his excitement about NMR’s potential, remarking, “I’m incredibly excited about the potential of NMR’s Charters Towers assets to deliver attractive returns in the near future.”
Closing Remarks
The Entitlement Offer closes today, January 24, 2025. The commitment from Wes Maas reflects confidence in NMR’s strategic plans and operational capabilities as it strives for growth in the gold production sector.
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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