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Provider: Reuters Investment Profile
Provider: Thomson Reuters Stock Report

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Maximus Resources Ltd Announces Non-Renounceable Rights Issue

Tuesday, 19 Mar 2013 12:59am EDT 

Maximus Resources Ltd announced that one-for-two non-renounceable rights issue (Rights Issue). The Rights Issue seeks to raise approximately AUD1.55 million (before costs) through the issue of approximately 386 million new fully paid ordinary shares in MXR. The funds raised by the Rights Issue, together with Maximus’ existing cash reserves, will be used to fund exploration and development, including: - Follow-up drilling on the Narndee Copper-Gold-Zinc tenements to further improve upon encouraging results returned in the initial drilling programs, where results including 11 metres of Zinc with grades up to 7.3%, 8 metres of Copper up to 1.1% and elevated silver and gold values were returned; and - Undertake on-ground reconnaissance and soil sampling programs on Narndee high priority targets to more accurately pin-point target areas for follow-up reverse circulation (RC) and diamond drilling activities; and - Commence an initial on-ground sampling and exploratory drilling program on the highly prospective northern Narndee gold tenements, where multiple gold nugget finds have been recorded recently and current and historic gold mines have been operating; and - Undertake a review of data to be generated as part of a significant South Australian government funded regional gravity survey over the eastern section of the highly prospective, but under explored Gawler Craton region located within the Woomera Prohibited Area (WPA). and - working capital purposes. 

Company Quote

-0.0010 -25.00%
16 Jul 2014