Moho Resources readies for nickel-PGE exploration after raising $975,000
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Funds raised will be spent towards exploration activities across the Black Swan South and Manjimup nickel-copper-PGE projects in Western Australia.
The oversubscribed bookbuild received strong demand from sophisticated and professional investors and led to the raise of $974,562 through a placement of 29,532,169 fully paid shares at an issue price of 3.3 cents.
Moho Resources (ASX:MOH) managing director Shane Sadleir says the company is delighted with the positive market response in particularly difficult market conditions.
As well as for general working capital, funds will support a 1,800m RC drilling program, designed to target basal contact of interpreted ultramafic units at the Black Swan South Project, within the wider Silver Swan Nickel Mine .
A DHEM survey of selected RC holes and ground EM survey over magnetic anomaly to assess the potential for further nickel targets will also be carried out before the exploration focus shifts to the Manjimup.
Here, activities include an orientation soil sampling survey, geological mapping, landowner engagement and land access agreements, level-2 fauna and flora surveys and geophysical surveys.
RM Corporate Finance acted as lead manager to the placement.
This article was developed in collaboration with Moho Resources, 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.