MRG Metals (ASX:MRQ) raised AU$800,000 through a placement of approximately 178 million fully paid ordinary shares at an issue price of AU$0.0045 each, according to a Friday filing with the Australian bourse.
The placement includes a one-for-one free-attaching option. Lead manager Peak Asset Management will receive a fee of 6% and 10 million options.
Funds raised will be used to advance development activities at its heavy mineral sands projects in Mozambique under the joint venture partnership it entered into in June.
MRG Metals' shares were down 20% in recent trade.
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