• Maronan raises $16 million through a strongly supported placement
• Placement supported by new and existing institutional and sophisticated investors
• Company to offer Share Purchase Plan up to $3 million on same terms as placement

Maronan Metals Ltd (ASX: MMA) has received binding commitments to raise approximately $16 million (before costs) through an institutional placement. The placement was strongly supported by several highly credentialled new and existing investors, both locally and internationally, reflecting growing recognition of the quality and scale of the Maronan Silver-Lead and Copper-Gold project. The placement shares will be issued at $0.35 per share, representing a discount to the recent trading prices. In conjunction with the placement, the company will offer eligible shareholders the opportunity to participate in a Share Purchase Plan (SPP) on the same terms as the placement to raise up to an additional $3 million. Proceeds from the capital raising will be used to advance feasibility and environmental studies, undertake resource infill, geotechnical and exploration drilling, commence early site and development works, and provide general working capital. The company's chairman, Simon Bird, commented that the placement is an important step that allows Maronan to complete further studies and commence early development works as it moves towards being mine ready, while continuing to build long-term value for shareholders.

The capital raising will allow Maronan to advance feasibility and environmental studies, undertake further drilling, and commence early development works as it moves towards being mine ready at its Maronan Silver-Lead and Copper-Gold project.