The strength of Matador’s Newfoundland offering has been further highlighted by an additional placement of $500,000 to an existing large shareholder.
The placement of an additional 4.3 million shares priced at 11.5c each takes the total raised by the company to fund exploration at the gold project up to $5m.
Matador Mining (ASX:MZZ) noted that the shareholder had intended to participate in the previous placement but was unable to do so due to timing restrictions related to paperwork and compliance.
“Having the continued support of one of our largest shareholders, to go along with the support we recently received from many other large existing and new shareholders is a tremendous vote of confidence in our strategy to grow our mineral resource base through major new discoveries,” chief executive officer Sam Pazuki said.
“We are grateful for this support and will be working tirelessly to ensure every dollar invested has the intention of unlocking value for shareholders.”
The company will also seek to raise a further $1m through a share purchase plan.
Newfoundland exploration
Proceeds from the placements and SPP will be used to advance greenfield exploration targets to drill-ready status and commence inaugural diamond drilling at the high-priority Malachite target area.
Target generation will also be carried out at other high priority areas such as Bunker Hill, Grandy’s and Hermitage.
This article was developed in collaboration with Matador Mining, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.