Tuesday, October 25,2011
Mining Projects Group (ASX: MPJ) is set to undertake a non-renounceable rights issue to raise up to $1 million for working capital, with potential to fund activities on coal and gold projects in Indonesia.
The two for three rights issue will be offered at $0.02 per share, and is fully underwritten by Peregrine Corporate.
In addition, an attaching option is available on a one for one basis at $0.02, expiring in February 2013.
If exercised, the options will entitle the holder to one further ordinary share and attaching option expiring in February 2014, exercisable at $0.03.
Mining Projects has been approached regarding projects in Indonesia, and, if appropriate, will complete due diligence to establish the prospectivity of these projects.
Money raised in the rights issue could be used for activities such as engaging qualified experts to verify the legal ownership, logistics and geology of any projects the company may wish to invest in.
sourced Proactiveinvestors
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