
Share placement to boost South Australian exploration
DIVERSE metals and uranium explorer Marmota Energy will undertake a non-renounceable rights issue to raise about $3 million through the placement of almost 76 million ordinary fully-paid shares, as it looks to fund a number of exploration activities around its South Australian project portfolio. The new shares are expected to commence trading on the ASX on June 27. The funds raised, together with the company’s existing cash reserves, will be used towards drilling programs at its Western Spur iron project, Melton and West Melton copper projects and Indooroopilly copper-gold project. The company will embark on a comprehensive geophysical data acquisition and reverse circulation (RC) drilling program at Western Spur to confirm the extent and quality of iron mineralisation at depth...