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MinRex Completes Strongly Supported $3M Placement


-- MinRex has successfully completed an oversubscribed placement to raise $3 million (before costs).
-- MinRex to have over $4 million in cash to fast-track exploration on new Pilbara lithium projects to be acquired (subject to shareholder approval) and further exploration on existing WA and NSW gold-silver-base metal projects.

MinRex Resources Limited (ASX:MRR) (“MinRex” or “the Company”) is pleased to announce that it has received binding commitments to raise $3 million via a private placement to various sophisticated or professional investors (Placement).

The Placement will result in the issue of 93,750,000 shares at an issue price of $0.032 per share reflecting a 13.5% discount to the last close price of $0.037 (on 10 December 2021) and a 16% discount to the 15-day volume weighted average price (VWAP) of $0.038.

Directors and other related parties of the Company have subscribed for 2,343,750 shares as part of the Placement for $75,000, with such subscription subject to shareholder approval to be obtained at the Company’s next general meeting.

Canaccord Genuity (Australia) Limited acted as Lead Manager to the Placement. Capital raising fees of 6% on the gross proceeds raised under the Placement are payable to the Lead Manager, with 4% selling fees to be passed onto other brokers that participated in the Placement.

For more information, download the attached PDF.

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