M3 Mining Limited (ASX:M3M) is preparing to conduct a non- renounceable entitlements issue to shareholders on the basis of one new share for every four shares held at the record date at $0.12 per new share to raise up to approximately $1,116,322 before costs.
The Offer is not underwritten but the Company intends to place shortfall at the discretion of the board of M3.
It is the current intention of each of the directors to take up the majority of their entitlements. Details of Directors holdings and entitlements are contained in the Offer document.
The Rights Issue price represents a discount of approximately 15 % to the closing price of M3 shares last traded on ASX on 28 September 2022 of $0.14 per share.
The Offer is being made pursuant to an Offer document which will be lodged with ASX contemporaneous with this announcement.
The funds raised under the Rights Issue will primarily be used for:
- To continue exploration programs (including drilling) at the company’s Victoria Bore and
Edjudina projects
- General working capital/acquisition evaluation
- Other sundry costs including costs of the Offer
