(MENAFN- ProactiveInvestors)
() non-executive director Lindsay Ward has increased his indirect interest by acquiring $10000 worth of share in an on-market purchase.
His indirect interests acquired 125000 shares priced at $0.08 each taking his total stake up to 500000 shares.
Shares in MMI are currently trading at $0.074.
Perth-based broker Argonaut Securities recently assigned MMI a Speculative Buy recommendation with a price target of $0.25.
The company is currently raising about $3.6 million through a 1 for 7 non-renounceable entitlement offer at $0.08 per share that is fully underwritten by joint lead managers Argonaut Capital Limited and GMP Securities Europe LLP.
It follows the company raising $2 million through a placement on 15th July 2015 of 25 million shares at $0.08.
Following the capital raising the company will be well funded with more than $8 million in cash on hand.
Proceeds will be used to:
- Complete the Bauxite Hills Definitive Feasibility Study;
- Complete authorities and licenses to operate the Bauxite Hills Project (environment approvals Native Title Agreements);
- Secure pre-commitments for mining and transhipment contractors as required;
- Exploration activities and business development;
- Proposed buy-back of shareholders’ un-marketable parcels;
- Provide working capital.
Bauxite Hills remains on track for first production in the third quarter of 2016 at a rate of up to 2 million tonnes of direct shipping ore per year.
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