Adelaide-based Minotaur has raised $1.5 million to fund mineral exploration in North West Queensland.
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The company told the ASX it would issue new shares at 5c a share at a near 10 percent discount.
The share issue will be done in a two tranche settlement process with the second tranche subject to shareholder approval.
Minotaur told the ASX the proceeds would fund exploration at their Highlands project near Mount Isa and their Windsor and Peake project in South Australia and their Windsor joint venture (with private equity) near Charters Towers.
Minotaur made an unconditional placement of 21.2 million shares in tranche 1 with a conditional placement in tranche 2 of 8.8 million shares subject to shareholder approval at a December general meeting.
Minotaur Managing Director Andrew Woskett said investor support in the placement was a great endorsement of Minotaur's prospects, with the proceeds to be applied across Minotaur's base metals exploration projects.
"Works will include drilling for the Windsor JV plus drill targeting at Minotaur's wholly owned Highlands and Peake and Denison projects," Mr Woskett said.
"Alongside the non-recourse loan arrangement at Jericho (Cloncurry) where Minotaur is fully funded to production by Oz Minerals, Minotaur is well positioned to accelerate its exploration efforts and unlock value across its range of promising projects."
Minotaur started drilling at the Highlands Project, 50km east of Mount Isa, late last year.
The prospect straddles a major geological boundary between the Kalkadoon-Leichhardt Domain and the Eastern Domain to the east, separated by Mt Remarkable Fault.
Previous owners Syndicated Metals Limited conducted several wide area airborne electromagnetic surveys which suggested the presence of copper mineralisation.
The new funding will help with ground electro magnetic and drill target definition at Highlands.
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Derek Barry
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
