Placement Funds Received and Share Purchase Plan Announced
| Stock | MRG Metals Ltd (MRQ.ASX) |
|---|---|
| Release Time | 18 Aug 2026, 9:14 a.m. |
| Price Sensitive | Yes |
MRG Metals Ltd Announces Placement and Share Purchase Plan
- Placement raised $725K from 362,750,000 shares at $0.002 each
- Share Purchase Plan offers eligible shareholders up to $30,000 of new shares at $0.002 each
- Funds to be used for Garies REE project, Adriano and Fotinho exploration
MRG Metals Ltd has successfully completed a capital raising through a placement, raising $725K from 362,750,000 shares at $0.002 each. The company is also offering eligible shareholders up to $30,000 of new shares at the same price through a Share Purchase Plan (SPP). The SPP is expected to close on September 17, 2026, with shares to be issued on September 24, 2026. The funds raised will be used for the Garies Rare Earth Project in South Africa, including resource expansion drilling, a stream sediment program, and a Mining Right Conversion Application. Additionally, step-out auger drilling will continue at the Adriano and Fotinho Rare Earth Projects in Mozambique to determine the size of the mineralized footprint.
MRG Metals Ltd aims to raise up to $750K through the SPP.
MRG Metals Ltd plans to expand the DrillTarg resource, progress the Mining Licence Application, and test additional targets at Garies. The company is also seeking strategic partners for the Garies project and will continue exploration at Adriano and Fotinho.