M2R has acquired firm commitments from new and existing sophisticated investors

Miramar Resources Limited (ASX: M2R) has announced that it has secured firm commitments from both new and existing sophisticated investors to raise around AU$ 1.5 million (before costs) through a share placement. In addition, the company is introducing a fully underwritten, non-renounceable rights issue for eligible shareholders. The combined funds raised from the placement and rights issue are expected to reach approximately AU$ 2.0 million before costs.

The placement entails offering 50,000,000 fully paid ordinary shares at an issue price of AU$0.03 per share, producing AU$1.5 million (before costs). This price reflects a 38.8% discount compared to the company's ten-day volume-weighted average of AU$0.049. Additionally, Miramar plans to issue a pro-rata, non-renounceable rights issue to raise about AU$ 550.000.

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