Marquee Resources Secures $596K Oversubscribed Placement to Boost Mt Clement Drilling
Marquee Resources has successfully raised nearly $600,000 through an oversubscribed share placement, signaling strong investor confidence ahead of a key drilling campaign at its Mt Clement project.
- Oversubscribed placement raises $596,165 at $0.0075 per share
- Executive Chairman Charles Thomas to participate pending shareholder approval
- 72.8 million new shares issued under ASX Listing Rule 7.1
- Funds earmarked primarily for upcoming RC drilling at Mt Clement antimony and gold project
- General Meeting scheduled for late June 2025 to approve director share issue
Strong Investor Backing
Marquee Resources Limited (ASX: MQR) has announced the successful completion of a heavily oversubscribed capital raising, securing $596,165 through a share placement priced at 0.75 cents per share. The placement attracted sophisticated and professional investors, reflecting robust confidence in the company’s strategic direction and its portfolio of mineral exploration projects.
Leadership Participation and Share Issuance
Notably, Executive Chairman Charles Thomas has committed to participate in the placement with a $50,000 investment, subject to shareholder approval at an upcoming General Meeting. The company will issue approximately 72.8 million new shares under its existing capacity, with an additional 6.7 million shares reserved for Mr. Thomas pending the meeting’s outcome. This insider participation often signals management’s belief in the company’s prospects, which can be reassuring for investors.
Funding the Next Phase at Mt Clement
The capital raised will predominantly fund the forthcoming reverse circulation (RC) drilling program at the Mt Clement project, which targets antimony and gold deposits. Previous announcements have highlighted the potential of this project, and the drilling campaign represents a critical step in advancing exploration and defining resource potential. The success of this program could materially impact Marquee’s valuation and future development plans.
Governance and Future Outlook
GTT Ventures acted as lead manager for the placement, earning customary fees for their role in facilitating the capital raise. The company plans to hold a General Meeting in late June 2025 to seek shareholder approval for the director’s share issuance, a procedural but important step in maintaining transparency and governance standards. Investors will be watching closely for the meeting’s outcomes and subsequent drilling results, which will provide clearer insight into Marquee’s trajectory.
Bottom Line?
Marquee’s oversubscribed raise and insider backing set the stage for a pivotal drilling campaign that could redefine its exploration potential.
Questions in the middle?
- What specific targets and timelines are planned for the Mt Clement RC drilling program?
- How might the results of the drilling impact Marquee’s capital requirements or strategic partnerships?
- What are the implications if shareholder approval for the director’s share issue is not granted?
