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M3 MINING LIMITED — Capital/Financing Update 2022
Oct 18, 2022
65282_rns_2022-10-18_24912e3b-2430-4baa-b62c-9ba8548d413a.pdf
Capital/Financing Update
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ASX Announcement
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ENTITLEMENT OFFER CLOSURE AND NOTIFICATION OF SHORTFALL
M3 Mining Limited (ASX:M3M) (M3 Mining or the Company) is pleased to release the results of the non-renounceable pro-rata Entitlement Offer to Eligible Shareholders (“ Entitlement Offer ”) announced to the ASX on 29 September 2022, which closed on 17 October 2022.
The Company received valid applications, on a pro-rata entitlement basis, to subscribe for 3,199,936 New Shares worth A$383,992.32 from Eligible Shareholders. This represents approximately 34% of all New Shares offered under the Entitlement Offer.
The remaining Shortfall Shares totalling a maximum of 6,102,650 raising A$732,318 will be placed by the Board in accordance with Section 1.7 of the Entitlement Offer Document.
On completion of the Entitlement Offer, the Company is funded, through raising a total of approximately A$1.1m (before costs), to pursue the ongoing exploration of its projects.
Non-Renounceable Rights Issue Results
The Entitlement Offer was offered to all shareholders who were registered as a holder of Shares on 4 October 2022 (“ Record Date ”), which included shareholders with a registered address in Australia and New Zealand (“ Eligible Shareholders ”).
The offer was on the basis of one (1) new fully paid ordinary shares (“ New Shares ”) for every four (4) Shares held at an issue price of $0.12 to raise up to approximately A$1.1m.
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Registered Address
Directors
Projects
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The total amount raised is A$383,992.32. The Company will issue 3,199,936 New Shares.
The fi na l New Share allocation is set out in the table below.
| Funds Raised(A$) | ||
|---|---|---|
| Shares | ||
| Entitlements taken up byShareholders underthe Entitlement Offer | $383,992.32 | 3,199,936 |
| Remaining Shortfall Shares to beplaced by the Board within 3 months | $732,318 | 6,102,650 |
Issue of New Shares
The New Shares are expected to be issued on Friday 21[st] October 2022.
This announcement has been authorised for issue by the Board of M3 Mining Limited in accordance with ASX Listing Rule 15.5.
For further information please contact:
Simon Eley Media Executive Director David Tasker M3 Mining Ltd Chapter One Advisors T +61 8 6365 5200 T +61 433 112 936 E [email protected] E [email protected]
About M3 Mining
M3 Mining Limited (ASX:M3M) is a Perth-based mineral exploration company focused on creating value for shareholders through exploration and development of a high-quality copper and gold exploration portfolio. M3 Mining’s projects are strategically located in regions surrounded by majors and has experienced minimal modern, systematic exploration across both projects. The Company’s strategy is to apply a systematic approach to the assessment and prioritisation of its projects, all of which have the potential to produce material discoveries.