Megado Minerals Limited (ASX: MEG), an ASX-listed mining exploration company targeting critical minerals and gold in the EU and Canada, has announced the completion of a placement to institutional shareholders, raising A$780,000. The placement involved the issue of 39,000,000 fully paid ordinary shares at a price of A$0.02 per share, along with one free attaching option for every three shares subscribed. These placement options are exercisable at $0.03 on or before 13 June 2030.
The placement was made to two supportive and unrelated institutional shareholders. The issue price of A$0.02 per share represents a 16.7% discount to the company’s last traded price on 2 July 2025, and a 17.2% premium to the 15-day VWAP. The placement was executed under the company’s 15% placement capacity as per ASX Listing Rule 7.1. Settlement of the placement is expected on Friday, 4 July 2025.
Megado Minerals confirmed that no brokers were involved in the placement, and therefore no fees or commissions are payable by the company. The funds raised from the placement will be allocated to progressing exploration activities at the Iberian Copper Project and for general working capital purposes.
In addition to the placement, Megado Minerals will issue 3,000,000 options to non-related consultants in recognition of services provided. These options will mirror the terms of the placement options, with an exercise price of $0.03 and an expiry date of 13 June 2030. This issuance will also be made under the company’s existing placement capacity under ASX Listing Rule 7.1 and does not require shareholder approval.
