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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