Mamba Exploration Limited (ASX:M24) Announces Share Placement
Share Placement Details
Mamba Exploration Limited (ASX:M24) has received firm commitments from professional and sophisticated investors for a placement to raise $265,000 before costs. The placement involves issuing 22.083 million new shares at $0.012 each, representing a 14.29% discount to the last closing price of $0.014 on 17 February 2025. All new shares will rank equally with existing shares.
Use of Funds
The raised funds will be used to review the Company’s Western Australian exploration projects, assess new opportunities, and strengthen working capital.
Executive Comments
Simon Andrew, Executive Director of Mamba Exploration Limited, commented: “In the current uncertain market environment, the Board remains diligent in managing the Company’s cash reserves to ensure we are well-positioned to advance our key projects and review opportunities. The funds raised will provide flexibility as we continue to assess new opportunities while maintaining a disciplined approach to capital allocation.”
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.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.