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Listed explorer Marmota Limited in share placement

Listed South Australian explorer Marmota Limited was asking investors to tip in $5 million for work at its gold and uranium projects.

Street Talk.  Louie Douvis

Marmota’s lead manager on the placement, Viriathus Capital, was offering shares on Monday at 5.3¢ a pop, an 11.2 per cent discount to the last close. It included a free call option on a one-for-two basis with a 10¢ exercise price and two-year expiry.

The term sheet said Marmota had federal government approval to issue tax credits totaling up to 25 per cent of the amount invested by eligible investors under the Junior Mineral Exploration Incentive (JMEI) program for the 2022-2023 financial year.

The company planned to use the funds to push its Aurora Tank gold project to production, apply for gold mining leases and for exploration drilling at its Jumbuck acquisition. The term sheet said Marmota would also use the funds for its uranium project Junction Dam, which it said was adjacent to Boss Energy’s Honeymoon uranium plant, and for working capital.

Marmota had a $51.9 million market capitalisation before the raise.

Anthony Macdonald co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Kanika Sood is a journalist based in Sydney who writes for the Street Talk column. Email Kanika at kanika.sood@afr.com.au

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