Manhattan Gold Corporation Ltd (ASX: MHC), a company focused on the exploration and development of gold and polymetallic projects, has announced it has received firm commitments for a $3 million placement. The placement was strongly supported by existing shareholders, Manhattan directors, and domestic and international institutional investors, and was reportedly oversubscribed. Alpine Capital managed the capital raising to new and existing sophisticated and professional investors.
The proceeds from the placement will be directed toward an upcoming drill campaign at the Hook Lake High Grade Gold and Polymetallic Project in Nunavut, Canada. The drill campaign is scheduled to commence in the second half of April 2026. A cornerstone commitment of over $1.5 million came from existing shareholders, clients of Viaticus Capital, and Manhattan Directors, with Manhattan Directors committing $668,000.
Specifically, the funds will be used to establish an exploration camp and conduct reverse circulation and diamond drilling across key prospects, including Jaws (orogenic gold) and Spectre (polymetallic copper, zinc, gold, and silver volcanogenic massive sulphides). The remaining funds will be allocated to working capital requirements.
The placement involves the issue of 125,000,000 placement shares at $0.024, raising $3 million before costs. The issue price represents a 14.3% discount to the last traded price of $0.028 on Friday, 13 March 2026. Alpine Capital will receive 18,750,000 options and certain management and selling fees, subject to shareholder approval.
