M3 Mining Limited (ASX:M3M) has successfully completed a placement of Shortfall Shares from its recent Entitlement Offer.
The company has placed the total shortfall of 6,102,650 Shares raising A$732,318 in accordance with Section 1.7 of the Entitlement Offer Document.
It received strong interest from parties looking to acquire the Shortfall Shares, with the offering oversubscribed by nearly 80%.
The funds raised will be used towards ongoing exploration of its projects and evaluation of acquisition opportunities.
M3 Mining Limited is a Perth-based mineral exploration company focused on creating value for shareholders through exploration and development of a high-quality copper and gold exploration portfolio. M3 Mining’s projects are strategically located in regions surrounded by majors and has experienced minimal modern, systematic exploration across both projects. The company’s strategy is to apply a systematic approach to the assessment and prioritisation of its projects, all of which have the potential to produce material discoveries.