Mayur Resources has received firm commitments to raise $9.5 million via a placement to progress its Central lime project near Port Morseby.
The funds will be used primarily to continue advancing the early development works at the project and for general working capital purposes.
“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.”
The placement will include the issuance of 47.50 million Chess Depositary Interests (Placement CDIs) at a price of $0.20 per CDI.
Placement participants will receive one free unlisted attaching option for every two CDIs allocated.
“With key milestones like project debt financing on the horizon, we are well on our way to embarking on full-scale construction,” Mulder said.
“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.”
Mayur also still on the lookout for new partnerships for its Orokolo Bay vanadium-titanium-iron sands project.
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