Morella Corporation Limited (ASX: $1MC) Rights Issue Announcement

Morella Corporation Limited (ASX: $1MC) has announced a non-renounceable rights issue to raise up to approximately $4.45 million. The funds raised will be used to further mineral exploration, including at the Company's Mallina, Tabba Tabba and Mt Edon Joint Venture Lithium Projects in Western Australia and the Fish Lake Valley and North Big Smoky Projects in Nevada, USA.

Executive Commentary on Rights Issue

The funds raised through the rights issue, in combination with our existing cash reserves, will be directed towards physical on-ground mineral exploration and the evaluation of other technical opportunities. This will enable us to fast track project development and secure and develop raw materials to support the increasing demand for battery minerals, crucial for the global transition to green energy.

Summary of Morella Corporation's Rights Issue Announcement

Morella Corporation Limited (ASX: $1MC) has announced a non-renounceable rights issue to raise up to approximately $4.45 million. The rights issue will offer eligible shareholders one fully paid ordinary share in the Company at an issue price of $0.036 per share for every two existing Morella Shares held as at 8 August 2024. Additionally, eligible shareholders will receive one free-attaching unlisted option for every two New Shares subscribed for. The funds raised, along with existing cash reserves, will be utilized for mineral exploration and the evaluation of technical opportunities to expedite project development. The Company aims to secure and develop raw materials to meet the growing demand for battery minerals, essential for the global shift towards green energy.