Mt Malcolm Mines NL (ASX: M2M) has successfully closed its non-renounceable rights issue, raising $1,037,697 before costs. The company will proceed with the issuance of 148,242,484 new fully paid ordinary shares. Mt Malcolm Mines NL is an Australian minerals exploration company primarily focused on gold, Volcanic Hosted Massive Sulphide (VHMS), and rare earth element (REE) targets. Its operations are centred around the Malcolm Gold Project in Western Australia.
The rights issue, initially announced on 6 May 2026, saw a notable response. A total of $429,454 was raised through rights taken up, accounting for 61,350,625 shares, while an additional $608,243 was secured from the shortfall component, corresponding to 86,891,859 shares. The company acknowledged shareholder support, noting that directors and management also participated in the offer, underscoring their commitment to the company’s projects and future, particularly given what it termed difficult times.
The net proceeds are designated for several key initiatives, including a processing plant study to determine the feasibility of constructing a 500,000 tonnes per annum Carbon-in-Pulp (CIP) facility at Leonora, Western Australia. Funds will also advance quality gold, VHMS, and REE exploration targets at the Malcolm Gold Project, alongside providing for general working capital purposes. Mahe Capital Pty Ltd served as the Lead Manager for the rights issue, with new securities scheduled for issuance on Friday, 12 June 2026. Directors and the Lead Manager retain the right to place any remaining shortfall shares at their discretion within three months.
