Macro Metals raises $3.3M for projects

• Macro Metals raised $3.3 million through a share placement and a loan conversion to fund various resource projects.
• Management intends to use the fresh capital to drill deeper anomalies and test extensions of known mineralised zones.
• The company plans to use the funds to complete an acquisition and accelerate drilling across its iron ore, copper, and gold projects.

Macro Metals (ASX:M4M) secured $3.3 million through a share placement  and a loan conversion to fund ongoing exploration activities.

The company raised $2.6 million via a placement of 520.4 million new shares at $0.005 per share alongside a $626,000 loan conversion.

The capital injection aims to support exploration and project development across three key properties.

The recent financing follows prior exploration phases at the company's mineral properties, where previous drilling indicated shallow mineralisation.

Management intends to use the fresh capital to drill deeper anomalies and test extensions of known mineralised zones.

"Together, with Tolga’s intention to convert his loan on the same terms as the placement, this capital injection represents a clear endorsement of the company's business strategy and prospects,” said Macro Metals Managing Director Simon Rushton.

The placement includes commitments from directors to subscribe for $474,000 pending shareholder approval at a meeting expected in December.

Non-executive chairman Tolga Kumova agreed to convert this $6,260,000 unsecured short-term loan into ordinary shares under the same terms.

Foster Stockbroking acted as the lead manager for the placement.

Following the announcement, the Macro Metals share price was unchanged at $0.006.

The proceeds will directly finance the completion of the Yandi South Iron Ore Project acquisition from Western Iron Ore.

Funds will also support priority drilling on geophysical targets at the Mogul VMS Copper Project and infill drilling at the Gibraltar East Gold Project.