McLaren Minerals Limited (ASX: MML) announced on 16 April 2026, the launch of an underwritten Share Purchase Plan (SPP) targeting A$1.5 million. The company is developing its 100%-owned McLaren Titanium Project in the Eucla Basin, WA, which hosts a JORC Indicated and Inferred Resource of heavy minerals, and has recently added the zircon-rich Barossa Project to its portfolio. The Offer allows eligible shareholders to subscribe for new fully paid ordinary shares at an issue price of A$0.016 per share, representing a 15.5% discount to the five-day volume-weighted average market price.
Eligible shareholders, those registered at 5:00pm (AWST) on 15 April 2026 with an Australian or New Zealand address, are invited to apply for up to A$30,000 worth of new shares without brokerage fees. For every two new shares subscribed for under the Offer, participants will also receive one free attaching option, exercisable at A$0.035 and expiring on 5 February 2028. The issue of these SPP Options is subject to shareholder approval at an upcoming general meeting and will be detailed in a prospectus.
Proceeds from the capital raise are intended to fund Bankable Feasibility Study works at the McLaren Project, support exploration activities at the Barossa Project, and cover general working capital and the costs associated with the Offer. The SPP is underwritten to A$1.5 million by Leeuwin Wealth Pty Ltd, who is also acting as corporate advisor, with Cumulus Wealth Pty Ltd joining as a joint lead manager. The company retains discretion to accept applications exceeding the underwritten amount or to scale back applications. Additionally, a potential top-up share placement of up to A$1.0 million is available for sub-underwriters, offered on the same terms as the SPP. The Offer is scheduled to open on 17 April 2026 and close on 1 May 2026, with new shares expected to commence trading on 11 May 2026.
