Mayur Resources has updated its capital raising amount from $9.5 million to $10 million.
The funding was first announced earlier this week. Mayur will use the funds to progress its Central Lime Project (CLP) near Port Morseby.
Mayur has attributed the increase to additional commitments secured after the previous announcement of $9.5 million.
The terms of the placement remain the same, except that the total issuance will be 50 million Chess Depositary Interests (CDI) at a price of $0.20 per CDI.
“This capital injection is a vote of confidence in our ability to deliver high-value, sustainable projects,” Mayur managing director Paul Mulder said.
“It enables us to continue progressing the early development works at our Central lime project, setting a solid foundation for the commencement of construction.
“With key milestones like project debt financing on the horizon, we are well on our way to embarking on full-scale construction.
“Additionally, these early works will provide the infrastructure to allow the company to target early revenues from the sale of high grade limestone, with those revenues providing cash flow during the full-scale construction phase.”
Former PNG Minister for Mining Ano Pala has called the CLP a “transformative development” for the country.
“Every mine is unique across our nation, and this one is particularly special,” Pala said. “Apart from Tolukuma in Goilala, this is the only other mine in Central Province, and we are truly excited about its progress.”
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