Marmota Limited (ASX:MEU) Raises $5 Million in Placement
Placement Details
Marmota Limited has received firm commitments to raise $5 million through a single-tranche placement, issuing approximately 90,909,091 new shares at $0.055 each, representing a 9.5% discount to the 5-day VWAP. Alpine Capital acted as Lead Manager and Bookrunner for the oversubscribed placement.
Use of Funds
The funds raised will accelerate Marmota’s exploration and development programs across its titanium, uranium, and gold projects, including drill campaigns and metallurgical work at the Muckanippie titanium discovery and scoping studies at Aurora Tank gold.
Executive Comments
Chairman Dr Colin Rose stated, “Marmota is particularly pleased to welcome onto the register 10 high-quality institutional funds. The Company extends a warm welcome to all new shareholders who are joining the register at a most exciting time, with the Company fully funded to carry out its planned programs. We have capped the raise at $5m.”
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