Moho Resources Ltd (ASX:MOH) has raised $476,062 (before costs) through a placement of fully paid ordinary shares to sophisticated and professional investors, at an issue price of 0.7 cents.
MOH, which is actively exploring for nickel, PGEs, REE, lithium and gold at Silver Swan North, Burracoppin, Peak Charles and Manjimup in WA and Empress Springs in Queensland, has received firm commitments for the money through an oversubscribed bookbuild.
The issue price of $0.007 represents a 22% discount to the last trading price of $0.009 on September 27, 2023, and a discount of 16.5% to the 15-day volume weighted average price of Moho’s shares traded on ASX of $0.0084.
68,008,887 shares are expected to be issued on or around October 6, 2023.
“Moho has had a very positive market response to its’ oversubscribed capital raising. Moho will be well funded to advance its critical minerals and other projects,” MOH managing director Ralph Winter said.
“The company sees a significant future in this space and believes that its nickel and gold assets are also well placed for the future of the minerals industry.”
Use of funds
Under the placement, a total of 68,008,885 shares will be issued at an issue price of $0.007 to raise gross proceeds of approximately A$476,062 (before costs).
The company is hard at work across its assets and will put the money towards the following:
Whistlepipe Critical Minerals Projects (Peak Charles, Tambellup, Weld Range North, Stirling Range North & Manjimup) – REE, nickel, copper & PGE
- conceptual targets identified using similar concepts and targeting parameters that led to the discovery of nickel-copper-cobalt-PGE-gold mineralisation at Julimar;
- drilling to follow-up discovery of significant clay-hosted REE mineralisation and possible carbonatite at Peak Charles; and
- reconnaissance exploration (soils, geophysical surveys) at Weld Range North, Stirling Range North & Manjimup.
Silver Swan North Project (nickel, gold)
- RC drilling following assessment of EM survey; and
- extended nickel exploration program across Dukes nickel prospect and Silver Swan North
Burracoppin (REE, gold)
- REE expansion exploration program subject to pending aircore drilling assay results; and
- geochemical sampling for REE to follow up initial REE sampling program.
Empress Springs
Exploration to follow up successful hydrogeochem program exclaimed to put the Empress Springs results within the top 1% of gold in water across the country.
Underwritten entitlement issue
Along with the placement, Moho is running a pro-rata non-renounceable entitlement issue, with eligible shareholders given the right to apply for one share for every two shares held at the record date at an issue price of $0.007.
The entitlement issue will be fully underwritten by RM Corporate Finance, which is acting as lead manager for the placement.