Manuka Resources has announced a capital raising of $15 million, aimed at accelerating production at its Wonawinta silver mine and funding exploration drilling at the Mt Boppy gold mine.
The company received firm commitments from institutional investors for the new shares, which will be issued through a share placement.
The use of funds includes $10.75m for plant upgrade and refurbishment at Wonawinta, $1m for drilling and exploration at Mt Boppy and Pipeline Ridge, $750,000 for camp and administration refurbishment at Wonawinta, and $2.5m for working capital.
The placement will involve the issue of approximately 200m new shares, with tranche 1, comprising 34.4m new shares, expected to be completed by Oct 27, 2025.
Tranche 2, consisting of 165.6m new shares, is subject to shareholder approval.
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