Matsa Resources Limited (ASX:MAT) has successfully completed a strategic share placement, raising $2,374,232 at an issue price of $0.028 per share. The placement involved two corporate participants, Matsa's largest shareholder, Deutsche Balaton (Delphi), and a new substantial shareholder, Bulletin Resources Limited (ASX:BNR). The funds raised will be allocated towards the ongoing planning of the Devon Pit Gold Mine for the commencement of mining activities and working capital requirements.
I am very pleased Matsa has undertaken this capital raising and that it was placed with two participants, Deutsche Balaton, Matsa's long term supporter and its largest shareholder and introducing a new substantial shareholder to the share register in Bulletin Resources Limited. The fact that the placement is being conducted at near the current market price without any other costs illustrates their faith in Matsa and its projects. Deutsche Balaton has been a very supportive shareholder over a number of years and remains SO. The introduction of Bulletin to the share register, who will also become a substantial shareholder, is very pleasing and I welcome them as a shareholder of our Company. This capital raising should allow Matsa to finalise its plans to commence mining of the Devon Pit Gold Mine, which is advancing at a steady pace with a number of activities being conducted concurrently. I look forward to bringing further news on that front in the near future.
Matsa Resources Limited (ASX:MAT) has successfully completed a strategic share placement, raising $2,374,232 at an issue price of $0.028 per share with two corporate participants, Deutsche Balaton (Delphi) and Bulletin Resources Limited (ASX:BNR). The funds raised will be utilized for the advancement of the Devon Pit Gold Mine towards the commencement of mining activities and working capital. The placement was conducted at a slight discount to the closing price on 12 September 2024, demonstrating the confidence of the participants in Matsa and its projects. This strategic move positions Matsa to progress its mining plans and signifies a positive step towards achieving its corporate goals and objectives.