Millennium Minerals (ASX:MOY) has received strong support from investors to its recent rights issue, with existing holders taking up 1.208 billion shares or 80.5% of all shares on offer.
This was despite despite the global equity markets experiencing volatile conditions and an outcome that would have likely brought a wry smile to the face of Millennium's chief executive officer Brian Rear.
The remaining 291.9 million shares (or 19.5%) will be taken up by the Underwriter and Lead Manager to the Issue, Patersons Securities.
The Rights Issue raised approximately $25.5 million before costs.
Following completion of rights issue, Millennium will have largely funded the construction of its flagship Nullagine Gold Project in Western Australia’s East Pilbara region including contingency provisions.
On completion of the issue, the Company will have cash of $41 million and $45 million in arranged debt and lease finance facilities when financial close is achieved.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/20182/millennium-minerals-garners-strong-support-in-rights-issue-20182.html
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