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Marmota Energy Ltd Announces Private Placement

Wednesday, 27 Mar 2013 06:30pm EDT 

Marmota Energy Ltd announced that it has raised $2.25 million via a Placement of up to 22.06 million fully paid ordinary shares at $0.068 per share to sophisticated and professional investors for total proceeds of $1.50 million (Placement) and a fully underwritten share purchase plan to raise $0.75 million (SPP), also at $0.068 per share. The issue price of $0.068 per share represents a 14% discount to the Company’s 5-day Volume Weighted Average Price and a 3% discount to the Company’s 30-day Volume Weighted Average Price immediately prior to entering the trading halt. GMP Securities Australia Pty Ltd (GMP) acted as lead manager for the Placement and underwriter to the SPP. Proceeds from the Placement and SPP will ensure that Marmota is in a strong financial position to undertake Stage 1 Reverse Circulation (RC) drilling at the Durkin copper/nickel and Indooroopilly gold projects and provides the financial flexibility to rapidly progress to Stage 2 follow-up drilling. The drill rig has arrived at site with Stage 1 drilling set to commence in coming days. It is envisaged that Stage 2 drilling activity would involve diamond drilling and an extended RC drilling campaign. 

Company Quote

17 Dec 2014