Moho (ASX:MOH) gets its mojo for Ni-REE expansion

Moho Resources Limited has firm commitments for almost $1.25 million to fund nickel and rare earth exploration, including drilling across its projects throughout Western Australia and the Empress Springs project in Far North Queensland.

The Company intends to continue exploration at the Black Swan South nickel prospect north of Kalgoorlie following recent positive geological assays.

It will also kick off with first pass nickel sulphide drilling Dukes prospect nearby after receiving native title clearance.

Excitingly the dollars will be stretched to include nickel and REE exploration across Burracoppin, Peak Charles and Empress Springs, including drilling at priority REE targets at the Burracoppin site.

“Moho has had a very positive market response through its’ oversubscribed capital raising and appreciates the valuable support provided by Peak Asset Management,” Managing Director Ralph Winter said.

“The funds raised will be instrumental in the advancement of Moho’s critical minerals exploration strategy.”

The Company’s ASX shares are 3.1c.

The Placement

Through a placement at an issue price of $0.03 (3 cents) each (Placement). The bookbuild was oversubscribed with strong demand from sophisticated and professional investors.

The Placement Shares will be issued on the same terms as, and rank equally in all respects with, the existing fully paid ordinary shares in the Company. The issue price of $0.03 represents a 17% discount to the last trading price of $0.036 on 16 September 2022 and a discount of 12% to the 15-day volume weighted average price of the Company’s shares traded on ASX of $0.034.

Peak Asset Management (Peak) acted as Lead Manager for the Placement.