Listed South Australian explorer Marmota Limited was asking investors to pitch in $5 million for work at its gold and uranium projects.
Marmota’s lead manager on the placement, Viriathus Capital, was offering shares at 5.3¢ a pop, an 11.2 per cent discount to the last close. It included a free call option on a one-for-two basis with a 10¢ exercise price and two-year expiry.
The term sheet said Marmota had federal government approval to issue tax credits totaling up to 25 per cent of the amount invested by eligible investors under the Junior Mineral Exploration Incentive (JMEI) program for the 2022-2023 financial year.
The company planned to use the funds to push its Aurora Tank gold project to production, apply for gold mining leases and for exploration drilling at its Jumbuck acquisition. The term sheet said Marmota would also use the funds for its uranium project Junction Dam, which it said was adjacent to Boss Energy’s Honeymoon uranium plant, and for working capital.
Marmota had a $51.9 million market capitalisation before the raise.
MEU Price at posting:
6.0¢ Sentiment: Buy Disclosure: Held
