19/09/2019 - 15:12

Matsa to raise up to $6m

19/09/2019 - 15:12

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Matsa Resources is seeking to raise up to $6 million via a share placement, with a portion of the funds to go towards further development at its Red October gold project.

Matsa to raise up to $6m
Matsa will issue shares at 15 cents each.

Matsa Resources is seeking to raise up to $6 million via a share placement, with a portion of the funds to go towards further development at its Red October gold project.

The placement is for $5.25 million, with the ability to take an additional $750,000 in oversubscriptions.

Shares will be issued at 15 cents each, which is a 10 per cent discount to its previous closing price.

The shares come with a one-to-four attaching with an exercise price of 25 cents, with an exercise period of 18 months from the date of issue.

Taylor Collison is acting as lead manager.

Matsa said the capital raised through the placement will be used to fund further development on Red October, commencement of works for its Fortitude gold mine, and advance near mine and regional exploration.

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