The company said the cash would also be used to fund ongoing target generation and working capital.
The share purchase plan would enable eligible shareholders to subscribe for up to $A15,000 worth of new shares at 0.45 cents per share. The company said the issue price represented a 15% discount to the five-day volume-weighted average price.
The intention is to raise up to $570,000.
About 80km southeast of Meekatharra, Stark is a discovery at which Mithril said it had defined a series of bedrock EM conductors along strike from and beneath high-grade copper-nickel-PGE mineralisation. Hits of 4m at 1.91% copper, 0.18% nickel, 0.96 grams per tonne PGE from 194m and 0.15m at 13.70% copper, 0.16% nickel, 3.94gpt PGE from 246.35m were announced in late March.
“The company’s directors have indicated that they intend to take up their maximum entitlement under the SPP,” Mithril said.
