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Minotaur Exploration Ltd

Minotaur Exploration obtains commitments to raise $1.25 million

The company’s largest shareholder, an affiliate of the Sprott Group, supported the offer with a binding commitment for its pro-rata interest of about 12%.

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Minotaur is actively exploring iron-oxide-copper-gold (IOCG) style targets in Australia

Minotaur Exploration Ltd (ASX:MEP) has obtained binding commitments to complete an oversubscribed placement to sophisticated and institutional investors to raise $1.25 million.

Capital raised will fund exploration work across the company’s portfolio of base metals projects.

Completion of the unconditional placement will result in the issue of 31.25 million shares at 4 cents per share.

Shares last traded at 4.7 cents.

“The success of the placement is a great endorsement”

Minotaur managing director Andrew Woskett said: “The success of the placement is a great endorsement of Minotaur’s exploration expertise and strong reputation as an effective project generator.

“We are especially pleased to have the continued support of our largest shareholder, an affiliate of the Sprott Group, as a cornerstone investor to the placement and welcome new shareholders to the company.

“Minotaur’s new joint ventures with OZ Minerals Ltd (ASX:OZL) over the Cloncurry region insulate against shareholder dilution across these projects and this raise is deliberately scale-limited to minimise dilution while funding other projects.”

Quick facts: Minotaur Exploration Ltd

Price: $0.06

Market: ASX
Market Cap: $20.06 m
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