Marengo raises $8.8m from share options

Marengo Mining Ltd has raised $8.8 million in new capital after investors exercised most of the listed options that expired on 28 February.

A total of 43.99 million options, representing 90.1 per cent of the outstanding listed options, were exercised at a price of 20 cents per share.

The exercise price compared with a closing share price today of 22 cents.

The inflow lifts Marengo's cash balance to $23.4 million, which will be used to fund a definitive feasibility study on its wholly-owned Yandera copper molybdenum project in Papua New Guinea.