28/07/2014 - 12:31

MacPhersons to raise $10.4m for Nimbus

28/07/2014 - 12:31

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Kalgoorlie-based MacPhersons Resources has announced a new share placement to raise up $10.4 million to fund a bankable feasibility study on its Nimbus silver project.

MacPhersons to raise $10.4m for Nimbus
The Nimbus silver mill.

Kalgoorlie-based MacPhersons Resources has announced a new share placement to raise up $10.4 million to fund a bankable feasibility study on its Nimbus silver project. 

MacPhersons said the shares would be placed at a value of 16 cents per share to eligible investors.

Mining-focused investment business Orion Mine Finance has said it would subscribe for up to $6.5 million worth of shares in the placement if it is fully subscribed, capped at 19.9 per cent of issued equity.

“The continued participation of Orion Mine Finance is welcomed by the company and will assist our ongoing program of completing the bankable feasibility study,” MacPhersons chairman Ashok Parekh said.

Mr Parekh has also agreed to subscribe for up to $1 million worth of shares in the placement.

Along with completing the BFS, MacPhersons said the funds would also be used for infill drilling of the Nimbus underground extensions zone and finalisation of the BFS on its Boorara gold project. 

“Continued infill and mine plan extensional drilling is delivering exciting results,” Mr Parekh said.

The BFS is due to be completed in the December quarter. 

The company’s shares last traded at 17.5 cents and will remain in a trading halt until Thursday. 

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