Michael O’Keeffe-backed Mont Royal in equity raising

afr.com:

ASX-listed lithium, copper and gold explorer Mont Royal Resources was in front of fund managers on Thursday, seeking to raise $2 million.

Mining executive Michael O’Keeffe. Louie Douvis

The capital raise was structured as a placement priced at 16¢ per share, a 17.9 per cent discount to the last traded price of 19¢ per share and a 21.6 per cent discount to the five-day volume-weighted average price.

Funds will be used for lithium prospecting at Bohier and Eastmain Leran, northwest of Montreal, Canada and prospecting at the Wapatik gold-copper project, as well as drilling programs and working capital, the company said in a term sheet seen by Street Talk.

Sydney-based Wentworth Securities is overseeing the capital raising.

Bids for the $13.3 million miner, backed by mining executive Michael O’Keeffe, are due at 5pm on Thursday.

O’Keeffe, of Riversdale Mining and more recently Champion Iron fame, stood down from the Mont Royal board in March but committed to maintaining his shareholding.