Millennium Minerals (ASX: MOY) has raised $1.55 million from its fully-underwritten 2 for 21 non-renounceable rights issue and will place the shortfall shares with the underwriter Singapore-based IMC Resources Gold Holdings Pte Ltd.
Completion of the shortfall issue will bring the total raised up to $6 million.
The new funds will be allocated to fund a Debt Service Reserve Account as required under the company's financing agreements, while also to fund business development opportunities - including the acquisition of new projects and tenements.
Shareholders had applied for 4,854,608 new shares priced at $0.32 each, leaving a shortfall of 14,075,424 new shares, which IMC is required to subscribe for.
IMC currently holds a 29.94% stake in Millennium.
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