Miramar Offers Shares at 20% Discount to Raise $1 Million for 8 Mile Project
Miramar Resources invites eligible shareholders to participate in a $1 million Share Purchase Plan at a 20% discount, aiming to accelerate drilling at its promising 8 Mile gold prospect within the Gidji JV Project.
- Share Purchase Plan offers up to $30,000 per eligible shareholder
- Shares priced at 20% discount to recent market value
- Target raise of approximately $1 million, with potential oversubscription
- Funds earmarked for accelerated drilling at 8 Mile gold prospect
- Offer open to shareholders in Australia and New Zealand, closing 11 August 2025
Miramar’s Capital Raise Strategy
Miramar Resources Limited (ASX – M2R) has announced a Share Purchase Plan (SPP) designed to raise up to $1 million from its eligible shareholders in Australia and New Zealand. This initiative allows shareholders to purchase additional shares at a 20% discount to the volume weighted average price of the company’s shares over the five trading days prior to issuance. The maximum subscription per shareholder is capped at $30,000, regardless of the size of their existing holding.
Funding Exploration at 8 Mile
The capital raised will primarily support accelerated drilling activities at the 8 Mile gold prospect, part of Miramar’s 80%-owned Gidji Joint Venture Project. This follows the company’s recent announcement of significant gold mineralisation discoveries near the 314,000-ounce 8-Mile Dam gold deposit. The drilling program aims to further delineate and expand this promising resource, potentially enhancing the project’s value and Miramar’s growth prospects.
Offer Details and Shareholder Participation
The SPP opened on 28 July 2025 and will close on 11 August 2025, with shares expected to be issued shortly thereafter. Eligible shareholders registered as of 22 July 2025 with addresses in Australia or New Zealand can participate without brokerage or transaction fees. The company reserves the right to accept oversubscriptions or scale back applications to manage the total amount raised, in line with ASX Listing Rules.
Market Context and Risks
At the time of the announcement, Miramar’s shares closed at $0.004, making the discounted offer price attractive but also reflective of the speculative nature of exploration stocks. Shareholders are cautioned that share prices may fluctuate between the offer and issue dates. The plan is not underwritten, meaning there is no guaranteed amount to be raised, and the company’s board retains discretion over final allocations.
Looking Ahead
Miramar’s SPP represents a strategic move to engage its shareholder base directly in funding exploration efforts that could unlock significant value. The success of this capital raise and subsequent drilling results will be key indicators to watch as the company seeks to advance its gold assets in Western Australia.
Bottom Line?
Miramar’s $1 million SPP is a pivotal step in funding exploration that could reshape its gold prospects; investors will watch closely for drilling outcomes and share allocation results.
Questions in the middle?
- Will the SPP reach its $1 million target or face scale backs due to oversubscription?
- How will the drilling results at the 8 Mile prospect impact Miramar’s valuation and share price?
- What is the potential timeline for resource upgrade announcements following the accelerated drilling?
