Moab Minerals Limited (ASX: MOM) - $2m Placement completed to advance drilling at Tanzanian Projects
Moab Minerals Limited (ASX: MOM)
HIGHLIGHTS:
- Firm commitments received for $2.0m placement at $0.003/share with one free attaching option (ex at $0.008 expiring 3 years from date of issue) for every two shares subscribed for.
- Placement proceeds will be used to advance drilling and other exploration activities at the Company’s Manyoni Uranium Project located in Tanzania.
Placement Details
Moab Minerals Limited (ASX: MOM) (Moab or the Company) is pleased to announce it has secured binding commitments from sophisticated and professional investors of the Company to raise $2m (before costs) via a placement of ordinary shares at an issue price of $0.003 per share (Placement).
The Placement will take place in two tranches:
- Tranche 1 to raise $252,133 via the issue of approximately 84,044,460 shares utilising the Company’s existing placement capacity under ASX Listing Rule 7.1 and 7.1A (Tranche 1), and
- Tranche 2 to raise $1,747,867 via the issue of approximately 582,622,207 shares subject to shareholder approval to be sought at the Company’s Annual General Meeting expected to be held on 29 November 2024 (Tranche 2).
Each investor in the Placement will also receive free attaching options, each exercisable at $0.008 and expiring 3 years from the date of issue (Placement Options), on the basis of one Placement Option for every two Placement Shares subscribed for, subject to shareholder approval.
CPS Capital and Canaccord Genuity acted as lead managers to the Placement and will receive capital raising fees of 6% of funds raised. The lead managers will also be issued 66,000,000 broker options (in total) on the same terms as the Placement Options, subject to shareholder approval.
Moab Managing Director, Malcolm Day commented “We started Validation Drilling at the Manyoni Uranium Project at the end of August. This capital raise will allow us to complete this drilling late next month (before the rains start) and prepare for the 2025 drilling season. Additionally, the capital raise will allow the Company to complete the AuKing acquisition (see ASX announcement dated 16 October 2024). We’re excited by the acquisition of the 4 Auking tenements that surround our Manyoni project as it will allow the Company to consolidate the 5 historic uranium projects defined by Uranex. Given we only announced the completion of the original acquisition on 9th July 2024, we’ve done well to progress the project to drilling stage. We expect most of the assay results back prior to calender year end. I look forward to sharing those results with shareholders”.
Use of Funds
Funds raised under the Placement will primarily be used for drilling and other exploration activities at the Company’s Manyoni Uranium Project located in Tanzania as detailed below. Additionally, the capital raise will allow the Company to complete the acquisition of the 4 tenements from AuKing.
About us:
Moab Minerals Limited (ASX:MOM) is an exploration and project development company with a portfolio of exploration projects.
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au
