Mount Ridley Mines Ltd (ASX: MRD) has announced a capital raising initiative to secure up to $830,388 before costs. Mount Ridley Mines is an Australian exploration company focused on discovering and developing mineral resources. The capital raising comprises a placement to sophisticated and professional investors aiming to raise $233,546, alongside a pro-rata non-renounceable rights issue to existing shareholders targeting approximately $596,841.
The placement involves issuing 116,773,352 fully paid ordinary shares at $0.002 per share, utilising the company’s existing placement capacity under Listing Rule 7.1. Participants in the placement will also receive one free attaching option for each share subscribed, exercisable at $0.01 each on or before 9 September 2030, subject to shareholder approval. These new options will be issued under the Prospectus for the Entitlement Offer, expected to be lodged with ASIC and ASX on Wednesday, 20 August 2025.
Following the placement, Mount Ridley will undertake a pro-rata non-renounceable rights issue, offering one new share for every three held by eligible shareholders in Australia and New Zealand, also at $0.002 per share. This entitlement offer aims to raise up to $596,841 and includes one free attaching new option for every two shares subscribed. The funds raised from the Capital Raising will be used primarily to advance the current work programs on the company’s existing assets, review of new mining project opportunities and general working capital.
The company has set an indicative timetable, with the offer opening on 29 August 2025 and closing on 9 September 2025. A Prospectus containing further details of the Entitlement Offer will be available on the ASX website, and existing security holders wishing to participate should carefully read the Prospectus and accompanying application form. The board of Mount Ridley Mines has authorised the release of this announcement.
