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Mining Projects Group Looks To Raise Up To $1.39M

Mining Projects Group (ASX:MPJ) will look to raise up to $1,398,000 after signing a mandate with a broker on a best endeavours basis for its Fraser Range exploration projects.

Pearce Callahan will look to place 233 million new ordinary fully paid shares with professional and sophisticated investors at an issue price of $0.006 per share.

Each placement Share will be issued with a free-attaching option with a strike price of $0.01 and an expiry date of 30 June 2016.

Funds raised from the proposed placement will be applied to the development of the Company's existing projects and specifically the recently announced programme of works at the flagship Roe Hills Nickel Project.

This month Mining Projects Group identified a number of new high priority nickel sulphide targets at its Roe Hills project located 110 kilometres east of Kalgoorlie.

A 5000 metre drilling campaign is now planned using advanced techniques with the initial stage Programme of Works approved.

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.

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