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  • MacPhersons Resources Increases Placement To $8.8M 0 comments
    Aug 10, 2014 8:03 PM

    MacPhersons Resources' (ASX:MRP) has increased the amount raised under its share placement to $8.82 million from $8 million after receiving and accepting additional applications for shares using the ASX BookBuild Facility.

    This is a further vote of confidence in the quality of its Nimbus silver-zinc-gold project in Western Australia and is an excellent result in still difficult markets.

    The company has now received applications for 55,151,375 shares priced at $0.16 each to raise $8,824,220.

    Proceeds will be used to complete the Bankable Feasibility Study for Nimbus.

    The first tranche shares under the placement have been issued to applicants.

    Settlement of the subscription by Orion Mine Finance, which increased its stake to 19.9% after subscribing for $6.3 million worth of shares will take place accordance with the Placement Agreement while settlement of the subscription by directors will occur subject to shareholder approval.

    Orion Mine Finance has $1.4 billion under management.

    The company had this month delivered a 60% increase in underground ore reserves at Nimbus to 0.74 million tonnes at 270g/t silver equivalent (Ag-Eq*) for 6.43 million ounces silver equivalent.

    This also extends the underground production schedule by eight months to 5.5 years.

    The overall ore reserve is now 12.37 million ounces silver equivalent (8.3 million ounces of silver, 44,000 tonnes of zinc, 4,800 ounces of gold.

    Analysis

    While the original share placement of $8 million was already a strong result in current markets, the additional subscriptions taking the total raised to $8.82 million is a further vote of confidence in the Nimbus project.

    Nimbus remains on track for production and cashflow in CY15.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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