Megado Minerals announces capital raising initiative

Megado Minerals (ASX:MEG) has announced a non-renounceable entitlement offer to raise approximately $1.527 million. Eligible shareholders can purchase 1 new share for every 2 held at $0.012 each. The funds will support exploration projects, including the Iberian Copper Project, and provide general working capital.

Megado Minerals' strategic plan and future outlook

Megado Minerals aims to raise $1.527 million through a non-renounceable entitlement offer to fund exploration activities, notably at the Iberian Copper Project, and other projects in Canada. The company plans to acquire an 80% interest in Iberian Copper Pty Ltd, pending shareholder approval. The offer includes a Shortfall Offer to allocate any unsubscribed shares. The initiative is expected to increase share capital by 33.33%, potentially diluting holdings for non-participating shareholders. MEG's strategy focuses on exploration and acquisition to drive growth, underpinned by compliance with regulatory requirements.

Executive insights on Megado's capital strategy

The Entitlement Offer will allow us to accelerate exploration activities at the Iberian Copper Project, advance our Canadian lithium and gold projects, and cover associated costs. We are committed to delivering value to our shareholders through strategic investments and acquisitions.