Myanmar to raise $30m

Myanmar Metals is seeking to raise $30 million for its flagship Bawdwin zinc-lead project in the South East Asian country, via a share placement and rights issue.

Myanmar Metals, which Mark Creasy’s Yandal Investments has a 12 per cent stake in, is on the market to raise $20.8 million in a discounted placement priced at 6.5 cents per share, a 17.6 per cent discount to its 30-day volume-weighted average price.

Additionally, it announced a fully-underwritten $9.2 million in a one-for-nine rights issue.

The capital raised will be put towards a definitive feasibility study, further drilling and exploration, early capital works, maintenance, permits and working capital.

Argonaut is the lead manager to the placement and is the underwriter for the rights issue.