Capital raised will fund exploration work across the company’s portfolio of base metals projects.
Completion of the unconditional placement will result in the issue of 31.25 million shares at 4 cents per share.
Shares last traded at 4.7 cents.
“The success of the placement is a great endorsement”
Minotaur managing director Andrew Woskett said: “The success of the placement is a great endorsement of Minotaur’s exploration expertise and strong reputation as an effective project generator.
“We are especially pleased to have the continued support of our largest shareholder, an affiliate of the Sprott Group, as a cornerstone investor to the placement and welcome new shareholders to the company.
“Minotaur’s new joint ventures with OZ Minerals Ltd (ASX:OZL) over the Cloncurry region insulate against shareholder dilution across these projects and this raise is deliberately scale-limited to minimise dilution while funding other projects.”