Australia

Moho Resources launches $2.4 million share purchase plan to fund gold exploration at Silver Swan North

Moho Resources Ltd (ASX:MOH) has launched a share purchase plan where existing eligible shareholders will have the opportunity to acquire up to $30,000 worth of ordinary shares at an issue price of 13 cents per share, to raise up to $2,391,949, before costs.

Funds raised from the SPP will be used primarily at the companys 100%-owned Silver Swan North Gold Project near Kalgoorlie, with a focus on advancing exploration and development of the highly prospective East Sampson Dam prospect.

The company also intends to allocate funds to advance gold exploration at the Burracoppin Project in the WA Wheatbelt and the Empress Springs Project near Croydon in Queensland.

SPP terms


If total SPP applications received exceed the target amount, the company directors reserve the right to scale back applications at their absolute discretion, on an equitable basis.

Eligible shareholders will be posted the SPP offer document together with their personalised application form in accordance with the below timetable:

  • Record date (for identifying shareholders entitled to participate in the SPP) of July 29, 2020;
  • Announcement date of July 30, 2020;
  • Despatch offer document (SPP offer materials dispatched to eligible shareholders) of August 7, 2020;
  • Opening date of August 7, 2020;
  • Closing date of August 28, 2020;
  • Completion date (results of the SPP announced by the company) of September 2, 2020;
  • Allotment date of September 8, 2020; and
  • Quotation and despatch date of September 8, 2020.

The company directors have advised that they intend to participate in the SPP.

JMEI Scheme success


The company has also advised that it has been notified by the Australian Taxation Office (ATO) that its application to participate in the Junior Mineral Exploration Incentive (JMEI) Scheme has been accepted.

The company has received an allocation of up to $1.05 million of exploration credits for the financial year ended June 30, 2021.

The JMEI Scheme applies to Australian residents who acquire new shares in mineral exploration companies that carry out greenfields mineral exploration in Australia that have received an exploration credit allocation.

Eligible investors must be Australian resident shareholders who apply for and are issued shares in Mohos capital raising activities during the 2021 income year.

JMEI credits will be distributed to all elRead More – Source