- Heavy mineral sands explorer MRG Metals (MRQ) has successfully completed a $2.1 million placement
- The funds raised through the issue of 162 million fully-paid ordinary shares to sophisticated and professional investors at 1.3 cents
- Additionally, 162 million options issued, exercisable at 2.5 cents and expiring on June 30, 2023
- MRG Metals will use the funds to expand exploration activities at its heavy mineral sands (HMS) projects in Mozambique
- In particular, the company will undertake initial drilling activities at the recently acquired Marao, Marruca, Corridor South and Corridor Central licences
- The aim of this work is to define new mineral resource estimates and follow on from extensive aircore drilling programs undertaken last year
