Mithril Resources announced that it has received ‘firm commitments’ to raise $808,103 through a share placement comprising 161,630,706 fully paid ordinary shares at an issue price of $0.005 (0.5 cents) per share.
According to the company, the funds raised will be used to underpin geophysical and drill testing of the Mexi Nickel prospect and the Stark Copper Prospect, as well as for working capital purposes.
The Mexi Nickel prospect is part of Mithril’s Lignum Dam Project, located 50 kilometres north-northeast of Kalgoorlie in Western Australia. The Stark Copper Prospect is part of the Nanadie Well Project situated 80km south east of Meekatharra in WA.
Mithril said completion of the placement and receipt of funds was expected to occur on or around 3 March, with EM geophysics at Mexi to commence this week.