The ASX-listed company on Thursday said that it would place some 42.2-million shares, at a price of 8c each, with the placement to include a free one-for-two listed option exercisable at 17c each before the end of April 2023.

The share placement will be undertaken under Matsa’s existing placement capacity, and will not require shareholder approval.

“This successful capital raising helps underpin the company’s stated strategy of exploration to build a significant resource to allow Matsa to build its own processing facility,” said executive chairperson Paul Poli.

“Matsa will now aggressively pursue specific drilling programmes aimed at delivering strong results as well as conduct other exploration programmes.”