Mamba Exploration secures $6M to fund expansion

• Mamba Exploration has received firm commitments to raise $6 million before costs through a two-tranche share placement at $0.038 per share.
• The placement price represents a 15.6% discount to the company’s last closing price of $0.045, through a regional gold producer, New Murchison Gold, which committed $500,000 to the raise.
• Proceeds will fund an expanded technical team, an active 6,000-metre drilling programme at Meeka East, and exploration under a new staged earn-in deal for the Poison Hills Project.

Mamba Exploration (ASX:M24) has secured firm commitments to raise $6 million through a two-tranche share placement to fund an expanded exploration campaign in the Murchison region.

The placement price of $0.038 per share compares with the company’s prior closing price of $0.045 on Sept. 29, representing a 15.6% discount.

"Westgold founder Peter Cook joins as strategic adviser, and the Poison Hills earn-in adds another copper prospect as Mamba builds its presence in the Murchison," stated Mamba Exploration in a statement.

The capital raise includes $165,000 from company directors subject to shareholder approval, alongside a binding earn-in agreement giving Mamba the right to earn up to an 80% interest in the Poison Hills Project.

Mamba stated that the injected capital will support its ongoing drilling initiatives as it prepares to commence a 6,000-metre reverse-circulation drilling programme at its Meeka East Gold Project.

Following the announcement, the Mamba Exploration share price was unchanged at $0.070.

The company recently reported historical database recoveries showing 165 copper intersections across 47 drill holes along a three-kilometre corridor at its Copper Hills prospect.

To support its operational growth, Mamba has also agreed to negotiate a potential technical services arrangement with regional producer New Murchison Gold for local infrastructure and logistical support.