Middle Island Resources Raises AU$750,000 via Placement to Cygnet Capital Clients; Shares Decline 11%

MT Newswires Live

Sep 27, 2024

Middle Island Resources (ASX:MDI) placed 50 million shares at AU$0.015 apiece to Cygnet Capital clients, resulting in a capital raise of AU$750,000, according to a Friday filing with the Australian Securities Exchange.

The balance of the mining firm's placement capacity of up to AU$69,000 is also expected to be placed, the filing said.

Proceeds will be used to select a project to complement the company's copper-gold project in the Northern Territory, support exploration on existing projects, and provide general working capital, the filing added.

Shares of Middle Island Resources declined 11% in recent trade.

Price (AUD): $0.02, Change: $-0.0020, Percent Change: -11.11%

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