Mt Malcolm Mines Issues Nearly 20 Million Shares, Raises $457K
Mt Malcolm Mines NL has closed its entitlement offer, raising $457,614 and leaving additional shares available under a shortfall offer as it advances exploration in Western Australia.
- Entitlement offer raised $457,614 from 19.9 million new shares
- Additional 11.1 million shares applied for under shortfall offer
- 14.3 million shares remain available for allocation under shortfall
- Share allotment scheduled for 28 May 2025
- Exploration continues at Golden Crown and Dumbarton prospects
Entitlement Offer Closes with Solid Uptake
Mt Malcolm Mines NL (ASX: M2M) has successfully closed its non-renounceable pro-rata entitlement offer, raising approximately $457,614 through the issue of nearly 20 million new shares. Eligible shareholders subscribed on the basis of one new share for every five held, demonstrating a solid level of support for the company’s capital raising initiative.
Alongside the entitlement offer, the company invited shareholders to apply for additional shares via a shortfall facility. To date, applications for over 11 million shares have been received under this shortfall offer, with around 14 million shares still available for allocation over the next three months. This provides Mt Malcolm Mines with flexibility to further bolster its capital base if demand persists.
Next Steps and Share Allotment
The company plans to allot and issue the shares subscribed under the entitlement offer on 28 May 2025. Meanwhile, the shortfall offer remains open, with the board retaining discretion to allocate remaining shares or return application monies as appropriate. Mt Malcolm Mines is also considering engaging brokers to assist in placing any remaining shortfall shares, signalling a proactive approach to managing its capital structure.
Exploration Momentum in Western Australia
Funds raised will support ongoing exploration activities within the Malcolm Project, located in the Leonora region of Western Australia. The company is actively drilling at the Golden Crown and Dumbarton prospects, aiming to advance its understanding of these gold-rich targets. These efforts are critical as Mt Malcolm Mines seeks to transition from exploration to potential resource development.
Managing Director Trevor Dixon expressed gratitude to shareholders for their participation and reaffirmed the company’s commitment to growth. The successful capital raising and continued exploration underscore Mt Malcolm Mines’ strategic focus on unlocking value from its Western Australian assets.
Bottom Line?
With funds secured and exploration underway, Mt Malcolm Mines is poised for its next growth phase—but shortfall allocations will be key to watch.
Questions in the middle?
- How will the board allocate the remaining shortfall shares over the coming months?
- What early results are emerging from the Golden Crown and Dumbarton drilling programs?
- Could further capital raises be necessary depending on exploration outcomes?
