Midas Receives Firm Commitments For $1.1m Placement To Advance Lithium & Gold Exploration

23 April 2024

Highlights

  • Midas receives firm commitments for a $1.13 million placement at $0.07 per share
  • Placement received strong support from existing shareholders
  • Directors to participate for a total of $144,592 (subject to shareholder approval)
  • Midas will use funds to advance exploration at its West Australian and Canadian lithium and gold projects
  • Work has commenced on Newington lithium and gold project and will commence at the end of May on the Reid-Aylmer lithium project in Canada.

(23 April 2024) Midas Minerals Ltd (“Midas”, or “the Company”) (ASX: MM1) is pleased to announce it has received firm commitments from sophisticated, professional and other investors pursuant to section 708 of the Corporations Act 2001 (Cth) to raise up to $1,131,665 (before costs) through a placement of up to a total of 16,166,643 fully paid ordinary shares (“Shares”) at $0.07 each (“Placement”).

Proceeds of the Placement will fund exploration programs at the Company’s projects, including Midas’ Reid- Aylmer lithium project in Canada and Newington lithium and gold project in Western Australia, as well as for working capital.

The issue price represents a 2.9% discount to the last traded price of $0.072 on Thursday, 18 April 2024 and a 2% discount to the 15-day volume weighted average price (“VWAP”) of $0.0714.

Midas will undertake the Placement in two tranches:

  • Tranche 1 of 14,101,043 Shares (“Tranche 1 Shares”) will be conducted using the Company’s existing capacity under ASX Listing Rules 7.1 (5,416,319) and 7.1A (8,684,724) to raise a total of $987,073, with settlement expected to occur on 30 April 2024. The first tranche is not subject to shareholder approval.
  • Tranche 2 of up to 2,065,600 Shares (“Tranche 2 Shares”) will be issued to Midas Directors to raise up to an additional $144,592, subject to shareholder approval, which Midas intends to seek at a general meeting to be held in June 2024. A notice of general meeting will be sent to shareholders shortly.

Midas Managing Director Mark Calderwood commented: “The funds raised through the Placement will allow us to advance exploration on the strongest lithium, gold and copper targets on the Company’s projects in Western Australia and Canada. Work has commenced to follow up gold, lithium and copper targets on the Newington project and work will commence on and around the high-grade Argus lithium discovery on the Reid- Aylmer project in Canada.

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