Stocks78: MCO was trading at $0.46 when raising $15 Million for Wood Point. MNM now explores this project for 4-5 Million takeover at a current SP $.016 (WHAT??? way undervalued). Looks the goods and real deal folks as Management see value and all the hard work and outlay was done by MCO so game on. If this comes good and I say "If" then we should see a $.10-.30 future gold producer reinvesting Gold funds Into other promising Projects that lay dead or under-explored. I see a major awakening with MNM and only time will tell, i have hope......cheers. IMO, DYOR........
P.S I feel Norton will fund this project also, a joint venture or offtake will get this all going with a keen Gold buyer looking for supply. IMO
Morning Star Gold raises A$15m for Woods Point Gold Project
Morning Star Gold (ASX: MCO) has raised A$15 million through a share placement of 32.6 million new fully paid ordinary shares at $0.46, equivalent to an additional 11.5% stake in the company.
The funds are to be allocated to the Woods Point Gold Project based around the Morning Star Goldmine in Woods Point Victoria.
The area encompassing the Woods Point goldfield, and the multiple high-grade gold bearing dyke structures located north towards Jamieson & south towards Walhalla, formed one of the most significant mining fields in Australian history.
Historical gold production was at least 155 tonnes or around 6 million ounces of over a century of mining, with an average production grade exceeding 27 grams per tonne.
Nick Garling, chairman, said "The deal pricing at a premium to our current share price indicates a strong vote of confidence in our emerging company Morning Star Gold.
"The placement was set at a 20% premium to MCO's 200 day moving average price."
Morning Star shares are unchanged at $0.46 in intra-day trading.
MNM Price at posting:
1.6¢ Sentiment: Buy Disclosure: Held
