PERTH (miningweekly.com) – Junior Matador Mining has raised more than A$5-million in a share placement to institutional, professional and sophisticated investors, to complete a scoping study on the Cape Ray gold project, in Canada.
The placement consisted of more than 24.1-million shares, at a price of 20c each and was conducted under Matador’s existing placement capacity.
The issue price represented a 16.7% discount to Matador’s closing price on January 31, and a 17.4% discount to its 15-day volume weighted average share price.
Matador on Monday said that the funds would be used to complete a study to assess gold production at the Cape Ray project, and to restart exploration activities while also continuing with various environmental and stakeholder studies to support the environmental impact statement.