MPJ (ASX) Ann: MPJ raises $A1.2 Million via Placement

Originally posted by mrschnookums ↑

MPJ raises $A1.2 Million via Placement to Sophisticated Investors

 Funding underpins continuation of Roe Hills exploration and priority target drilling campaign in September

 Investors attracted by size and scale of project and experience of technical team

 MPJ looking to strengthen Board in anticipation of further growth and development

Mining Projects Group Limited (ASX:MPJ) (“MPJ” or “the Company”) is pleased to announce it has completed a strategic share placement to sophisticated investors to allocate 200 million fully paid ordinary shares (Shares) at an offer price of A$0.006 per share (Offer Price) to raise A$1.2 million before costs (the Placement). The shares will be placed within the Company’s ASX Listing Rules capacity in the coming week.

The Placement comes with a 1:2 free attaching MPJO option, subject to shareholder approval.

Managing Director Joshua Wellisch commented that the placement was a strong vote of confidence in the Company’s people and projects.

“Our new strategic shareholders join us at an exciting time and are positioning themselves for anticipated success in our ongoing exploration at Roe Hills” Mr Wellisch said.

“We’ve been successful in raising capital and attracting new investors to our register despite the worst junior resource markets in decades and the nickel price at six year lows. Our focus is on making a significant new nickel discovery and hopefully capitalising on improved market conditions and nickel prices in the future.”

The funds raised by the placement will be used for the ongoing 2015\16 exploration program at the 100% owned Roe Hills Nickel Project east of Kambalda, Western Australia.

MLEM, FLEM and Downhole EM, surveys are currently underway to further refine high priority targets which are planned to be drilled in September 2015.

Following the Placement, the Company intends to strengthen the Board in anticipation of further growth and development.

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