Successful Placement to Underpin Gold Drilling
Adelaide, Aug 28, 2017 AEST (ABN Newswire) - Mithril Resources Ltd ("Mithril") (MTH:ASX) wishes to advise that it has received firm commitments to raise $254,431 (before costs) through a share placement pursuant to Section 708 of Corporations Act (Cth).
- Share placement has received firm commitments to raise $0.25M with funds to expedite drill testing of the Kombi Gold Prospect and Fenceline Gold Prospect
- RC drilling commencing at Kombi early September
The proceeds of the share placement will be used to expedite drill testing of the Kombi Gold Prospect and Fenceline Gold Prospect (located 70 kilometres southeast of Meekatharra, WA) and provide for working capital.
RC drilling is due to commence at Kombi early next month.
The placement, comprising 127,215,574 fully paid ordinary shares at an issue price of $0.002 (0.2 cents) per share, is being made to sophisticated investors eligible under section 708 of the Corporations Act (Cth). 10M unlisted Broker Options exercisable at $0.01 (1 cent) and expiring on 31 December 2020 are also to be issued subject to Shareholder approval.
The placement was made in accordance with the Company's available 25% placement capacity pursuant to ASX Listing Rules 7.1 and 7.1A. The new shares will rank equally with existing Mithril ordinary shares quoted on the ASX.
Completion of the placement and receipt of the funds is expected to occur on or around Monday 4th August and the Company will make an application to the ASX for listing of these securities.
About Mithril Silver and Gold Limited
Mithril Resources Limited (ASX:MTH) (CVE:MSG) is an Australian resources company whose objective is the creation of shareholder wealth through the discovery of mineral deposits.
The Company and its exploration partners are actively exploring throughout the Kalgoorlie, West Kimberley and Murchison Districts of Western Australia for economic nickel, copper, zinc, and vanadium deposits.
In the Kalgoorlie District, Mithril is exploring for nickel on the Kurnalpi, Lignum Dam and North Scotia Projects which lie along strike from, or adjacent to previously mined high-grade nickel at the Silver Swan and Scotia Nickel Deposits.
In the West Kimberley, Mithril is exploring for zinc on the Billy Hills Project which lies adjacent to the previously mined Pillara Zinc Deposit.
In the Murchison, Mithril is exploring for copper, nickel and zinc mineralisation on the Nanadie Well Project and for copper, silver, zinc and lead on the Bangemall Base Metal Project. Mithril's exploration partner – Monax Mining Ltd is also exploring for vanadium on the Limestone Well tenements.
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