Investors show strong confidence in Matador Mining with A$9.5m raised
Matador Mining Limited (ASX: MZZ/OTCQB: MZZMF) announces a significant financial achievement with its Share Purchase Plan (SPP), which concluded on December 4, 2023. The plan witnessed overwhelming interest, receiving applications totaling approximately $4.1 million, greatly surpassing the initial target of $1.5 million. This event underscores the investors’ strong confidence in Matador’s potential and strategic direction.
Strong Shareholder Support Leads to Additional Acceptance
Due to the robust demand from shareholders, Matador Mining’s Board of Directors has resolved to accept a total of $3.7 million from the SPP process. The allotment of these shares is scheduled for December 8, 2023, with trading expected to commence on December 11, 2023. This move reflects the company’s commitment to its investors and its dedication to leveraging shareholder support for future growth.
Matador Mining Limited Achieves Remarkable Oversubscription in Share Purchase Plan
CEO Sam Pazuki Highlights Investor Confidence and Future Plans
Sam Pazuki, the Managing Director & CEO of Matador Mining, expressed gratitude for the shareholder support, noting the recent financings’ success. Approximately $9.5 million has been raised, representing about 70% of Matador’s market capitalization at the financing announcement in late October 2023. Pazuki emphasizes the company’s focus on long-term value creation, prudent capital allocation, and making significant mineral discoveries.
Exploration Strategy and Upcoming Plans for 2024
Matador Mining’s exploration strategy involves a balanced approach between resource corridor and Greenfield areas, prioritizing return on investment. The company has categorized exploration targets into advanced, intermediate, and early stages, with specific activities planned for each stage. Key focus areas for 2024 include the resource corridor, Malachite – specifically the O2 target, and Hermitage. This approach demonstrates Matador Mining’s commitment to driving results and advancing its exploration initiatives effectively.
Financing Overview and Shareholder Meeting
The combined proceeds from the SPP and the most recent capital raising amount to approximately $9.5 million. Of this, about $2.0 million is subject to shareholder approval in the upcoming Meeting of Shareholders on December 15, 2023. This financial milestone positions Matador Mining Limited for a robust exploration program and potential significant mineral discoveries, further solidifying its status in the mining industry.