Montem Resources Limited announced placement and an entitlement offer

Montem Resources Limited (ASX: MR1) announced that it had received firm commitments from sophisticated and institutional investors to raise approx. AU$1.0 million via a placement. The placement comprised the issue of approx. 24.8 million new shares at an issue price of AU$0.04 per new share, and the issue price represents the last closing price of the company’s shares on the ASX before the trading halt.

In addition to the placement, the company is also planning a non-renounceable entitlement offer to eligible shareholders at AU$0.04 per share to raise approx. AU$1 million. The fund raised from the placement and entitlement offer will be used to support the sell-down process for the PHES element of the TM-REX and to look for in-principle approval from the ASX for a re-compliance listing and working capital requirement.

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