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Middle Island Resources (ASX: $MDI) completes oversubscribed $1.05 million rights issue

Middle Island Resources (ASX: $MDI) Quarterly Activities Report Ended 31 December 2023


Middle Island Resources Limited (ASX: $MDI) successfully completed a heavily oversubscribed Renounceable Rights Issue (RRI) seeking to raise $1.05 million, ultimately raising $1,154,937 positioning the Company for its next drill program in the Northern Territory. As of 31 December 2023, the company held aggregated cash and share investments of A$3.48M, comprising A$2.43M in cash reserves and A$1.05M in shares held in Aurumin Limited (ASX: $AUN). The Company diligently progressed field activities during the December 2023 quarter while preserving cash without jeopardising timely outcomes.

Executive Commentary on Rights Issue and Financial Position


The decision to raise a minimum of $1,054,937 via a pro-rata RRI was made to ensure that all shareholders had the opportunity to participate rather than be diluted without choice by a placement of shares. The RRI was on the basis of one (1) fully paid ordinary share offered for every two (2) fully paid ordinary shares, with $0.015 to pay for each share, with subscribers entitled to be issued with one (1) free attaching Option for every one (1) fully paid ordinary share issued under the offer, exercisable at $0.015 each, with a term of eighteen (18) months from their date of issue. Existing shareholders applied for approximately 86% of the 1:2 rights issue amount, demonstrating their strong commitment to the Company's projects and its future. The Company's directors and management took up their entitlements, further showcasing their confidence in the Company's projects and its future.

Summary of Quarterly Activities and Outlook


Middle Island Resources Limited (ASX: $MDI) successfully completed an oversubscribed Renounceable Rights Issue, raising $1,154,937 positioning the Company for its next drill program in the Northern Territory. The Company's strategy regarding its Barkly Copper-Gold Super Project is to generate shareholder value via exploration success, complimentary assets acquisition, or transactional activity. MDI continues to assess asset acquisition opportunities globally and looks at corporate opportunities as they are presented. The Company's exploration strategy includes systematic detailed assessment of its data from surveys over its granted Exploration Licences and incorporation of newly acquired data to develop a prioritised target list for the next stage of screening. The Company's ongoing prospect scale work on the assembled portfolio of priority targets is expected to lead to drilling in early 2024. Middle Island Resources Limited maintained a strong financial position with aggregated cash and share investments of A$3.48M as of 31 December 2023, positioning itself for future exploration and development activities.

Sourcehttps://announcements.asx.com.au/asxpdf/20240131/pdf/05zxmbnct8st1x.pdf

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