Mayur raises funds

The company on Monday revealed that it had placed 12.5-million chess depositary interests, at a price of 20c each, at no discount to the current market trading price.

“We are very pleased with the result and would like to thank all participants along with manager Whairo Capital for their support. While we are incurring some Covid-related delays, these funds will provide additional cash flow runway to enable us to execute our disaggregation strategy while continuing to progress strategic investor and offtake agreement discussions relating to Mayur Iron’s Orokolo Bay project and the Central cement and lime project,” said MD Paul Mulder.

Mayur last year announced plans to spin-out and list is Papua New Guinea (PNG) gold and copper assets into a TSX-V listed entity, and the acquisition of privately-held Ballygowan and Pacific Arc Aurum, which hold highly prospective gold assets in PNG, including the Gameta and Wapolu projects on the Fergusson Islands.

In March this year the company completed the spin-out of Adyton Resources Corporation, raising more than C$10.5-million through a syndicate of northern hemisphere banks.