Mayur Resources Capital Raising Announcement

Mayur Resources Limited (ASX: $MRL) has secured firm commitments to raise A$9.5 million through a placement to a consortium of new and existing institutional and sophisticated investors. The capital will primarily be utilized to advance the early development works at Mayur's Central Lime Project and for general working capital purposes.

Executive Commentary on Capital Raising

This capital injection is a vote of confidence in our ability to deliver high-value, sustainable projects. It enables us to continue progressing the early development works at our Central Lime Project, setting a solid foundation for the commencement of construction. With key milestones like project debt financing on the horizon, we are well on our way to embarking on full-scale construction. Additionally, these early works will provide the infrastructure to allow the Company to target early revenues from the sale of high-grade limestone, with those revenues providing cash flow during the full-scale construction phase.

Summary of Mayur Resources Announcement

Mayur Resources Limited (ASX: $MRL) has successfully raised A$9.5 million through a placement to advance the early development works at the Central Lime Project and for general working capital purposes. The Placement will see the issuance of 47.50 million Chess Depositary Interests (Placement CDIs) at a price of A$0.20 per CDI, with participants receiving one free unlisted attaching option for every two CDIs allocated. The Company expects settlement of the Placement to occur on 22 March 2024. Mayur Resources is committed to engaging with host communities throughout the lifecycle of its projects and incorporating internationally recognized Environmental, Social, and Governance (ESG) standards into its strategy and business practices.