Mt Monger Resources Limited (ASX:MTM) has received firm commitments from professional and sophisticated investors to raise up to A$3M via a share placement.
Funds raised from the Placement will be applied principally to support the forthcoming exploration program at the recently acquired Pomme REE-Nb project in Quebec, Canada.
The Placement was strongly supported by new and existing professional and sophisticated shareholders.
“We are very pleased with the strong level of demand for the Placement which has validated our recently announced acquisition of the Pomme rare earth element and niobium project in Canada,” Managing Director, Lachlan Reynolds, said.
“Proceeds from the placement will enable the company to rapidly progress the drilling and metallurgical test work at the Pomme Project, planning for which has already begun and will accelerate from early March when I travel to site to progress our maiden drilling programme.
“We welcome new shareholders to the company and thank all of our existing shareholders for their support as we look to advance our critical metals focused exploration programme in Canada and Western Australia.”
The Pomme Project, located in Quebec, Canada, consists of 43 mineral claims, covering 2,400 ha. Mt Monger Resources Ltd holds the exclusive and binding option to acquire 100% of the Pomme REE-Nb project.