{"id":5354,"date":"2024-02-05T00:45:56","date_gmt":"2024-02-05T00:45:56","guid":{"rendered":"https:\/\/economicherald.net\/?p=5354"},"modified":"2024-02-05T00:45:56","modified_gmt":"2024-02-05T00:45:56","slug":"manuka-strengthens-balance-sheet-with-5m-placement","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=5354","title":{"rendered":"Manuka strengthens balance sheet with $5m placement"},"content":{"rendered":"

Manuka receives firm commitments to raise around $2.5m
\nThe company will also undertake debt conversion to increase funds raised to $2.5m
\nThe cash raised will advance final regulatory approvals for the Taranaki VTM project<\/p>\n

\u00a0<\/p>\n

Manuka has secured firm commitments from several new and existing sophisticated investors that will see it boost the coffers by an initial $2.5m and increase it further via a $2.5m debt conversion.<\/strong><\/p>\n

Importantly, this fresh cash injection will provide Manuka Resources (ASX:MKR)<\/a> with sufficient cash to advance final regulatory approvals for the Taranaki vanadium-rich titanomagnetite (VTM) project, progress studies at the Mt Boppy gold project and pay off $2.5m worth of debt.<\/p>\n

The placement will comprise the issue of around 71.4 million shares at 7c each to raise the total $5m.<\/p>\n

Manuka is also offering eligible shareholders in Australia and New Zealand the opportunity to subscribe for up to $30,000 worth of new shares at the same price as the placement with the goal of raising a further $1m.<\/p>\n

The election of the new coalition government<\/a>, led by New Zealand\u2019s National party and new PM Christopher Luxon, late last year has dramatically and positively altered the political landscape for the country\u2019s resources industry.<\/p>\n

The newly appointed Resources Minister, Shane Jones, is strongly supportive of the country\u2019s mining industry, in particular the development of offshore titanomagnetite iron sand and vanadium resources in the South Taranaki Bight.<\/p>\n

The very recent change in the New Zealand government should prove extremely positive for Manuka and its offshore Taranaki VTM project.<\/p>\n

At an assumed production rate of 5 million tonnes per annum of VTM concentrate the operation could produce up to 20,000 tonnes per annum of V2O5, making Manuka one of the largest aspiring vanadium producers on the ASX.<\/p>\n

\u201c2024 looks to be a defining year for the company,\u201d executive chairman Dennis Karp said.<\/p>\n

\u201cThe new NZ government is very focused on fast tracking sound mining projects and makes particular mention of our 100% owned VTM project in the Taranaki.<\/p>\n

\u201cThe project is not only a lowest cost quartile iron ore producer but also sits in the lowest quartile for carbon emissions.\u201d<\/p>\n

The Taranaki VTM project, which was granted a mining permit in 2014, is anticipated to have a target net present value of $US1.8 billion ($2.7 billion).<\/p>\n

\u201cWe are currently working through final aspects relating to the reissuance of EPA consents to operate, and management believe from recent public NZ government commentary that this will be forthcoming in the near future,\u201d Karp said.<\/p>\n

\u00a0<\/p>\n\n

\ufeff<\/span>\u00a0<\/p>\n

This article was developed in collaboration with Manuka Resources, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n

\u00a0<\/em><\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n

<\/span><\/p>\n

The post Manuka strengthens balance sheet with $5m placement<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Manuka receives firm commitments to raise around $2.5m The company will also undertake debt conversion to increase funds raised to $2.5m The cash raised will [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":5355,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5354","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nManuka strengthens balance sheet with $5m placement - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=5354\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manuka strengthens balance sheet with $5m placement - Economic Herald\" \/>\n<meta property=\"og:description\" content=\"Manuka receives firm commitments to raise around $2.5m The company will also undertake debt conversion to increase funds raised to $2.5m The cash raised will [more...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/economicherald.net\/?p=5354\" \/>\n<meta property=\"og:site_name\" content=\"Economic Herald\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-05T00:45:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/economicherald.net\/wp-content\/uploads\/2024\/02\/MKR-Getty-Images-u78UcK.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=5354#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=5354\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Manuka strengthens balance sheet with $5m placement\",\"datePublished\":\"2024-02-05T00:45:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=5354\"},\"wordCount\":466,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=5354#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/economicherald.net\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/MKR-Getty-Images-u78UcK.jpeg\",\"articleSection\":[\"Finance\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/economicherald.net\\\/?p=5354#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=5354\",\"url\":\"https:\\\/\\\/economicherald.net\\\/?p=5354\",\"name\":\"Manuka strengthens balance sheet with $5m placement - 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