News: MacPhersons Resources' shareholder MF2 Investment increases stake

MacPhersons Resources’ (ASX:MRP) substantial shareholder MF2 Investment Company 1 LP has increased its stake in the company to 19.87% from 8.82%.

MF2 - part of Orion Mine Finance, which has $1.4 billion under management - had acquired 38,982,062 shares priced at $0.16 per share, or a total of $6.24 million, in the company through its recent $8.8 million placement.

This increased its total holding up to 60,034,692 shares.

The company had raised the funds to complete the Bankable Feasibility Study on its Nimbus silver-zinc-gold project near Kalgoorlie, Western Australia.

Nimbus is located just 10 kilometres east of Kalgoorlie’s superpit and has a defined high grade Ore Reserve of 1.1 million tonnes at 297 grams per tonne silver equivalent.

Extensive drilling campaigns are underway in preparation for a significant reserve-resource update.

Nimbus remains on track for production and cashflow in CY15.