Morella Corporation's new financial move

Morella Corporation (ASX:1MC) has received firm commitments for a placement of approximately 55 million new shares at A$0.026 each, aiming to raise around A$1.4 million. The funds will accelerate exploration activities in Western Australia and Nevada.

Morella Corporation's strategic capital initiative

Morella Corporation aims to raise approximately A$1.4 million through a share placement priced at a 16% discount to the last closing price. The funds will be used primarily for exploration activities and developing future drilling targets in Western Australia and Nevada. The placement is divided into two tranches, with the company's board participating by subscribing for A$725,000, subject to shareholder approval. Canaccord Genuity (Australia) Limited is acting as the lead manager. Morella focuses on lithium and battery minerals, aiming to meet the demand for green energy solutions. The shareholder meeting to approve the board's participation is expected in February 2025.

Executive insights on Morella's capital raise

We are pleased with the support from new and existing shareholders, which reinforces the company’s strategic direction. The funding will help maintain and enhance the momentum of Morella’s projects.