I think it's a great move by David Southam. The Mincor share price is at all time highs given the recent exploration results, strong nickel prices, and takeover speculation. Even the placement price of $1.28 per share is effectively a ten year high MCR share price. Gets rid of the project finance facility, replaces it with a more flexible revolver (and probably lower cost), and MCR is left with one of the biggest cash stacks amongst the junior explorers. Making the camp living conditions more appealing is going to be important to retain workers if the WA borders stay closed for any extended period.
Given Aitken Murray are involved in the capital raising I suspect there has been someone who has stuck up their hand and underwritten or cornerstoned most of this placement.
MCR Price at posting:
$1.44 Sentiment: None Disclosure: Not Held
