Matador Mining: Raises $4.5m for exploration

Matador Mining Raises $4.5m for exploration

• Matador Mining (MZZ) raises $4.5 million through a two-tranche placement to fund exploration
• The company will issue 36.7 million new shares to investors at an average price of 12 cents each
• The proceeds will mostly be used to generate new targets in the Malachite target area within its Cape Ray gold project in Canada
• Matador also launched a share purchase plan, offering eligible shareholders the chance to subscribe for up to $30,000 worth of shares at an issue price of 11.5 cents
• Shares are down 3.7 per cent to 13 cents each at 2:00 pm AEST