Mithril Resources Raises AU$3.7 Million to Extend Drilling in Mexico; Shares Jump 19%

MT Newswires Live06-26

Mithril Resources (ASX:MTH) raised AU$3.7 million via a placement of 18.5 million shares at AU$0.20 apiece with clients of PAC Partners Securities and Arlington Group Asset Management, according to a Wednesday filing with the Australian bourse.

The placement included a cornerstone investment from asset manager Jupiter Gold and Silver Fund, which committed to a AU$2 million investment for about 10% holding in the company.

Proceeds will be used to extend and accelerate drilling at the Copalquin district in Mexico. The drill program will be more than doubled to 9,000 meters for drilling to continue throughout the second half of 2024.

Shares under the placement come with 1-for-1 options that can be exercised for AU$0.30 apiece and expire two years from the issue date.

Mithril Resources shares jumped 19% in recent trade.

Price (AUD): $0.19, Change: $+0.04, Percent Change: +22.58%

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