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Midas Minerals Ltd (ASX:MM1)

ALERT: Price-sensitive ASX Announcement for MM1
Current share price for MM1 : $0.850 0.445 (109.88%)+
Announcement
Release
18 Sep 2025 9:43AM
Price at Release
$0.405
Full Release
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Summary
Midas Minerals Ltd announced a successful $11.5 million placement to fund the acquisition and exploration activities at its Otavi Copper Project in Namibia. The placement, priced at $0.37 per share, received strong backing from institutional investors. The proceeds will be used to accelerate exploration, particularly a 3,000-meter drill program at the South Otavi Project. The placement was conducted in two tranches, with the first tranche using existing share issuance capacity and the second tranche pending shareholder approval. The placement was managed by Canaccord Genuity and Euroz Hartleys, with the share price set at a discount to the market price but at a slight premium to the 15-day VWAP.
Key Points
  • Midas Minerals has received firm commitments for an $11.5 million placement at $0.37 per share.
  • The placement was strongly supported by institutional and sophisticated investors.
  • Funds will be used for the acquisition and exploration of the Otavi Copper Project in Namibia.
  • A 3,000-meter drilling program has begun at the South Otavi Project.
  • The first tranche of shares is 31,026,082 shares using Midas' existing capacity under ASX Listing Rules.
  • The second tranche of up to 55,000 shares is subject to shareholder approval.
  • The placement was managed by Canaccord Genuity and Euroz Hartleys Limited.
  • The issue price represents a discount to the last traded price and the five-day VWAP but a premium to the 15-day VWAP.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.