MacPhersons Resources has raised an additional $4 million for exploration at its Nimbus silver project near Kalgoorlie, following on from securing an $8.6 million investment from USA-based RK Mine Finance last week.
MacPhersons announced today it had completed a private placement to raise the $4 million, priced at 38 cents per share.
Casimir Capital acted as international lead manager to the raising.
RK Mine Finance, which is part of the Red Kite Group, signed on to tip in $8.6 million through a separate placement previously announced last week.
“The completion of this private placement, along with the placement to RK Mine Finance, is testament to the value and promise of MacPhersons Resources as the company moves forward to development and production,” managing director Morrie Goodz said.
“The funds raised will be used to continue to extend the drillout of the 12.5 million ounce silver equivalent resource at MacPherson’s 100 per cent owned Nimbus silver project.
“They will also be used to take the commissioning and expansion of the Nimbus silver and gold mill to the next stage by purchasing the new 480,000 tonne per annum Merrill Crow plant.”
At 11:10AM, WST, MacPhersons stocks were up 3.9 per cent, trading at 40 cents.