Pantoro backs Maximus in $12m capital raise
ASX-listed junior gold and nickel explorer Maximus Resources has emerged with a new major shareholder following a strategic investment by ASX-listed gold producer Pantoro in Maximus’ recent well supported $12 million capital raise. The impressive two-tranche placement totalling more than the company’s current market capitalisation speaks to the prospectivity of its Spargoville gold and nickel exploration play about 25km south-west of BHP’s Kambalda nickel operations in WA.
Maximus intends issuing a total of about 176.5 million new shares in two blocks at 0.068¢ apiece to new and existing shareholders, with the second tranche comprising 164.28 million shares subject to the approval of Maximus shareholders. About 63 million of the new shares will be taken up by cornerstone investor Pantoro and Maximus’ issued capital structure will expand to about 316.5 million shares.
After shareholder approval, which Maximus anticipates in early October, Pantoro will have a 19.9 per cent shareholding and then be eligible to nominate a director to the Maximus board. Pantoro looks to be eyeing potential synergies between its 50 per cent-owned Norseman gold project and Maximus’ Wattle Dam gold project within its 108sqkm Spargoville tenure, both located in world-class tier one addresses in the prolific Eastern Goldfields.
Wattle Dam lies about 100km north of Norseman just off the Coolgardie-Esperance Highway.