The fund raising was in the form of a placement via the issue of 233 million ordinary fully paid shares with professional and sophisticated investors at an issue price of $0.006.
The company is now ready to drill highly prospective nickel sulphide targets at its Roe Hills project, located 110 kilometres east of Kalgoorlie.
A 5000 metre drilling campaign has been planned using advanced techniques, with the initial stage Programme of Works approved.
Terms of the placement
The issue is under the placement capacity, so shareholder approval is not required.
MPJ will also issue 22,120,646 shares to Newexco Services Pty Ltd in lieu of cash payment for geological consultancy services provided to the company.
The issue of Shares to Newexco was previously approved by shareholders on 16 May 2014.
The terms of the placement provide that each share was to be issued with a free attaching option (MPJO) with an exercise price of $0.01, expiring 30 June 2016.
The option issue will be subject to shareholder approval to be obtained following the issue of the placement shares.
Roe Hills history
Historic exploration activity at Roe Hills started in 1965 for both nickel sulphides and gold. Exploration was initially completed by various smaller companies up until 1995, until major campaigns were completed by WMC Resources Ltd, Vale-Inco Ltd and Oroya Mining Ltd between 1995 until 2009.
Previous drilling for nickel sulphide mineralisation at Roe Hills has defined three prospective ultramafic flows, analogous in style to that seen at Kambalda, Cosmos and Black Swan/Silver Swan discoveries.
These including 0.5 metres at 6.15% nickel from a downhole depth of 155 metres in drill hole ROE114. These nickel sulphide intersections confirm the prospectivity and potential for the Roe Hills project to contain significant Nickel Sulphide accumulations within the fertile ultramafic lava channels.
MPJ holds 100% of five tenements covering a continuous strike of 40 kilometres of ultramafic rocks and 360 square kilometres of prospective greenstone terrain.
The use of deeper drilling, smarter geological interpretations and accessing the leading geochemical/geophysical tools provides a far greater chance of making nickel sulphide discoveries.
Which is where MPJ's technical director Neil Hutchison and Newexco come in.
Prolific Newexco Services Pty Ltd is completing final geophysical analysis of extensive historical data to refine targets and pin point exact drill hole locations.
A review of the exploration data over the forty kilometre strike length of Roe Hills Nickel Project resulted in identifying the new and significant nickel sulphide targets zones.
As well as down dip and along strike potential at the existing prospects, Roe 1, Roe 2 and Talc Lake.
MPJ's Technical Director, Neil Hutchison (behind key a number of nickel discoveries himself) and Newexco's review will be combined to further refine the target priorities in order to test the basal contacts of the host ultramafic unit.
It might only be early days for MPJ at Roe Hills, but historical nickel sulphide intersections confirm the prospectivity and potential of the project.
The $1.4 million capital raising to professional and sophisticated investors provides a vote of confidence in the company's team and exploration plan.
Considering a market cap. of just $7 million, MPJ is leveraged to exploration success.
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