Manhattan Corporation Ltd (ASX: MHC), a mineral exploration company focused on identifying and developing resource projects, has announced it has received firm commitments to raise $2.2 million (before costs) through a placement to new and existing sophisticated and professional investors. The Placement, aimed at advancing the Hook Lake Project, is supported by a cornerstone commitment of $1.0 million from clients of Viaticus Capital and Astrotricha Capital, as well as John Hancock’s Family office. The Hook Lake Project acquisition was completed on 24 July 2025.
The net proceeds from the Placement will be specifically allocated to several key areas within the Hook Lake Project. These include field reconnaissance, mapping, and sampling activities, as well as an aeromagnetic survey. Funds will also be directed towards data acquisition and compilation, and ground geophysics work, with the remaining balance allocated for general working capital requirements.
The Placement will involve the issue of 111,474,724 Placement Shares at a price of $0.02, raising gross proceeds of $2,229,494.48. This placement fully utilises the Company’s existing placement capacities under Listing Rules 7.1 and 7.1A. The issue price of $0.02 represents a 16.6% discount to the last traded price of $0.024 on Thursday, 24 July 2025. The Volume Weighted Average Price (VWAP) in the 15 trading days leading up to the Placement was $0.022.
The Placement Shares will rank equally with the existing fully paid Ordinary Shares on issue and are expected to be issued and quoted on or around 5 August 2025. Shaw and Partners Limited acted as Lead Manager to the Placement. This ASX release was authorised by the Board of the Company.
