AI assistant
MT MALCOLM MINES NL — Capital/Financing Update 2023
May 14, 2023
65280_rns_2023-05-14_86a47189-5a45-44d5-8c71-69aeb8470453.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [103 x 123] intentionally omitted <==
ASX Announcement 15 May 2023
ACN: 646 466 435 ASX: M2M
Non-Renounceable Rights Issue
Mt Malcolm Mines NL (ASX: M2M or “the Company”) is pleased to announce a pro rata Non- Renounceable Rights Issue to Company Shareholders (“Offer”). Eligible Shareholders will be entitled to apply for one (1) new share for every two (2) shares held on the record date.
The issue is attractively priced at 3 cents ($0.03) per new share (up to 42,426,001 new shares) to raise approximately $1,272,780 (before costs) based on a discount of 11.9 % to the 5 day volume-weightedaverage-price (VWAP) and a 16.2 % discount to the 10 day VWAP (based on days on which trades in the Company’s securities was recorded) prior to the announcement of the issue on 15 May 2023.
The Non-Renounceable Rights Issue offer document will be lodged with the ASX forthwith.
The funds will enable the Company to continue to underpin the next growth phase and systematically advance quality Gold (Au), Volcanic Hosted Massive Sulphide (VHMS) and Rare Earth Element (REE) exploration targets at its Malcolm Gold Project, a highly prospective semi-contiguous 274 km[2] tenement holding located the Leonora District of the Eastern Goldfields region of WA. The tenement holdings exhibit a documented record of significant gold production. The Malcolm Mining Centre historically produced 47,200 ounces from high-grade gold occurrences, the majority of which was sourced from within the Company’s tenure (Kelly 1954).
Proposed exploration targets include the flagship Calypso “Constance Lode” new gold system discovery, the critical Rare Earth mineral occurrences recently discovered at Malcolm and Mt Stewart and geological evaluations at the prospective Mt George, Emu Egg and Sunday-Picnic gold prospects.
The Offer is set to close on 16 June 2023. The Offer is not underwritten.
All new shares issued will rank equally with existing shares on issue and the Company will apply for quotation of the New Shares.
mtmalcolm.com.au [email protected] Phone: (08) 6244 6617
The timetable for the offer is shown below:
| Event | Date |
|---|---|
| Announcement of Offer | 15 May 2023 |
| Offer Document lodged with ASX and issue of Cleansing Notice | 15 May 2023 |
| Ex Date | 17 May 2023 |
| Record Date to determine Entitlement to New Shares | 18 May 2023 |
| Dispatch of Offer Document and Application Forms | 19 May 2023 |
| Offer Opens for receipt of Applications | 19 May 2023 |
| Last Date to Extend the Offer Closing Date | 13 June 2023 |
| Closing Date for Applications and payment in full | 16 June 2023 |
| New Shares quoted on a deferred settlement basis | 19 June 2023 |
| Dispatch date of holding statements, issue of New Shares | 19 June 2023 |
| Trading commences for New Shares | 20 June 2023 |
The Company reserves the right, subject to the Corporations Act and the Listing Rules, to vary the above dates.
Copies of the Offer Document and entitlement forms will be mailed to eligible Shareholders shortly after the record date. Copies will also be available on the ASX website (www.asx.com.au) - ASX code: M2M - and on the Company website (www.mtmalcolm.com.au).
This announcement is approved and authorised for market release by the Board of Mt Malcolm Mines NL.
For further information please contact: Trevor Dixon Managing Director [email protected]
References
Kelly. L.F. (1954) List of Cancelled Gold Mining Leases (which have produced gold) Mines Department of W.A.
mtmalcolm.com.au [email protected] Phone: (08) 6244 6617