4 stories mentioning ASX:MMA
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Maronan Metals (ASX:MMA) said Red Metal (ASX:RDM) completed an in-specie distribution of about 73.1 million existing Maronan shares to eligible Red Metal shareholders, according to a Friday filing with the Australian bourse.Red Metal retains about 15.4 million shares of Maronan after the distribution, per the filing.
Maronan Metals (ASX:MMA) said it has entered into a binding agreement with Kinterra Critical Materials and Infrastructure Opportunities Fund II, managed by Kinterra Capital, to raise about AU$22 million via a strategic private placement at AU$0.351 apiece, according to a Wednesday Australian bourse filing.The company said the issue price represents the five-day volume-weighted average price of Maronan shares through May 15, with Kinterra Fund II to hold about 19.99% of Maronan's issued shares upon completion.Proceeds will fund Maronan's expanded drilling program to increase the indicated resource base beyond the Starter Zone and advance technical and regulatory workstreams required to complete a preliminary feasibility study and support development decisions for the broader Maronan project, the filing added.
Maronan Metals (ASX:MMA) said ongoing infill drilling at the Maronan project in Queensland encountered shallow silver and copper-gold intercepts, according to a Friday Australian bourse filing.It hit intercepts of 4.22 meters at 5.2% grade of lead and 203 grams per tonne grade of silver from 410 meters, one meter at 10.95% grade of lead and 482 g/t grade of silver from 351 meters, as well as six meters at 2.51% grade of copper and 1.77 g/t grade of gold from 238 meters.Its shares fell 5% in recent trading on Friday.
Maronan Metals (ASX:MMA) restarted surface diamond drilling at the Maronan silver project in Queensland, focused on growing the indicated resource and expanding key mine development studies at the Starter zone, according to a Monday Australian bourse filing.It secured a second diamond drill rig expected to be mobilized by the end of April.Its shares fell 3% in recent trading on Monday.