Native Mineral Resources (ASX: NMR), or ('NMR' the 'Company') is pleased to announce it has received firm commitments to raise $2.2 million before costs, by way of a share placement comprising the issue of 110 million ordinary fully paid shares at an issue price of $0.02 per share (Placement).
The Placement attracted strong support from new and existing Shareholders1 who are not related parties of the Company. NMR will use the proceeds to assess new project opportunities, continue the ongoing exploration work in Palmerville, Queensland as well as the ongoing detailed due diligence investigations into the Far Fanning and Black Jack Projects with Ashby Mining Ltd, as previously announced on 1 November 2023. NMR aims to build its portfolio with one or more new projects that will allow the Company's Board and Management team to leverage extensive experience in project development through to mining and production. In particular, NMR Managing Director and CEO Blake Cannavo has more than 25 years' experience in mining and construction, including roles at Fortescue Metals Group, Lihir Gold and Aquila Resources. Mr Cannavo has been responsible for delivering a diverse range of projects valued up to $10B in Asia Pacific, South Africa, the UK and Europe
NMR's Managing Director Blake Cannavo commented: 'We believe now is the right time to assess other project opportunities that will align better with the skillset of the NMR team, that is, in project development and delivery. We are thankful to those who participated in our Placement to raise $2.2 million as we embark on this activity and look forward to providing updates on our progress.'
Placement Details
NMR has received firm commitments for a $2.2 million Placement of 110,000,000 ordinary fully paid shares (Placement Shares) at A$0.02 per Placement Share (Offer Price). The Offer Price is equal to NMR's last trading price on Friday, 12 July 2024. The Placement will be conducted by way of two tranches as follows: a) 52,462,628 Placement Shares to raise $1,049,252.56 (Tranche 1) and b) 57,537,372 Placement Shares to raise $1,150,747.44 (Tranche 2). The Tranche 1 Placement Shares will be issued pursuant to the Company's existing capacity under ASX Listing Rules 7.1 and 7.1A in the amounts of 31,477,577 and 20,985,051 respectively, and will rank equally with the Company's existing ordinary fully paid shares. Settlement of Tranche 1 is expected to complete by 24 July 2024, with the Tranche 1 Placement Shares issued on or around 26 July 2024. Tranche 2 will be issued subject to shareholder approval at a general meeting, expected to be held in early September, with settlement and allotment shortly thereafter once approved. ABL Capital Partners acted as Lead Manager to the Placement and will receive a 6% management and selling fee (plus GST) on total funds raised. Subject to shareholder approval, the Company will also issue the Lead Manager 7 million ordinary fully paid shares on completion of the Placement.
Contact:
Blake Cannavo
Managing Director and Chief Executive Officer
Native Mineral Resources Holdings Limited
Tel: +61 2 6583 7833
Email: blake@nmresources.com.au
Nathan Ryan
Investor and Media Relations
NWR Communications
Tel: +61 420 582 887
Email: nathan.ryan@nwrcommunications.com.au
Forward Looking Statements
Native Mineral Resources prepared this release using available information. Statements about future capital expenditures, exploration programs for the Company's projects and mineral properties, and the Company's business plans and timing are forwardlooking statements. The Company believes such statements are reasonable, but it cannot guarantee their accuracy. Forward-looking information is often identified by words like 'pro forma', 'plans', 'expects', 'may', 'should', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', 'believes', 'potential' or variations of such words, including negative variations thereof, and phrases that refer to certain actions, events, or results that may, could, would, might, or will occur or be taken or achieved. The Company's actual results, performance, and achievements may differ materially from those expressed or implied by forward-looking statements due to known and unknown risks, uncertainties, and other factors. The information, opinions, and conclusions in this release are not warranted for fairness, accuracy, completeness, or correctness. To the maximum extent permitted by law, none of Native Mineral Resources, its directors, employees, agents, advisers, or any other person accepts any liability, including liability arising from fault or negligence, for any loss arising from the use of this release or its contents or otherwise in connection with it. This document does not constitute an offer, invitation, solicitation, or other recommendation to subscribe for, purchase, or sell any security, nor does it constitute a contract or commitment. This release may contain speculative and forward-looking statements subject to risk factors associated with gold, copper, nickel, and other mineral and metal exploration, mining, and production businesses. These statements reflect reasonable expectations, but they may be affected by a variety of variables and changes in underlying assumptions that could cause actual results or trends to differ materially, including price fluctuations, actual demand, currency fluctuations, drilling and production results, Resource or Reserve estimations, loss of market, industry competition, environmental risks, physical risks, legislative changes, and more. Native Mineral Resources confirms that it is not aware of any new information or data that materially affects the information in the following presentation and that all material assumptions and technical parameters underpinning the information provided continue to apply
(C) 2024 Electronic News Publishing, source ENP Newswire