Minemakers raises AUS$11.55 million

Minemakers Limited announce that BBY Limited has placed 7.7 million ordinary shares in Minemakers to institutional and sophisticated investors. The placement, at a price of $1.50 per share, was heavily oversubscribed and will raise $11.55 million.

The investors include offshore and domestic institutional funds and high-net-worth clients of BBY Limited. The placement has been completed using Minemakers’ ability under ASX Listing Rules to issue new shares up to a total equivalent of 15% of its existing issued capital within a 12 month period without prior shareholder approval.

The funds raised from the placement will be used for:
• Wonarah Rock Phosphate project pre-feasibility and feasibility.
• Purchase of long lead-time capital items for Wonarah.
• Moina multi-commodity (Fluorite, Tungsten, etc.) studies.
• Tasmanian Tin or Tin/Tungsten project advancement.
• Possible exercise of the option over the Fraser Iron Magnetite project.
• Additional working capital.

Minemakers’ Managing Director, Andrew Drummond, said that tThe Board of Directors is pleased with the share placement for several reasons, including,the presence of quality institutional shareholders at a significant level on the Minemakers share register for the first time, and the raising of adequate funds to secure Minemakers’ capacity to complete several key tasks, especially that of taking the Wonarah Rock Phosphate project through to the end of feasibility.