Raisebook

IPO Led by Chairman Terry Streeter: Founding Shareholder of Western Areas (ASX:WSA)
Moho Resources
Moho Resources
ASX:MOH
  • WA targets are close to the high grade Silver Swan nickel deposit.
  • The company considers the Empress Springs Project has the potential to host substantially larger gold deposits than at the exposed Croydon Goldfield.
  • Raisebook is accepting maximum bids of $5,000 per entity.
  • Non Exec Chairman Terry Streeter was a founding shareholder of Western Areas NL.
Raise Amount
$4,500,000
Offer Price
$0.2000
Closes
Aug 20, 2018

Moho Resources NL (to be renamed, Moho Resources Limited) was incorporated for the primary purpose of acquiring, exploring and developing gold, nickel and copper mineral projects in Australia.

The Company is exploring three prospective projects in Queensland and Western Australia in proximity to historical and current gold and nickel mines.

The Company’s objective is to create wealth for its Shareholders through commercial exploration success.

In Queensland the Company believes there is potential for the discovery of large gold mineralised systems under shallow cover.

In Western Australia the Company is pursuing exploration targets for nickel and gold mineralisation close to the high grade Silver Swan nickel deposit and is following up targets for gold in an underexplored greenstone belt in Western Australia’s wheatbelt.

The Company believes the Projects have substantial potential for the discovery of commercially viable gold and nickel mineralisation.

Following listing, the Company proposes to explore mainly for deposits of nickel, copper, cobalt and gold in prospective and under-explored geological terranes in Australia.

Moho's Non-Executive Chairman Terence Streeter was a Director of West Australian nickel explorer and miner Jubilee Mines NL from 1993 to May 2004 and was a founding shareholder of Western Areas NL (ASX: WSA) in 1999, which went on to discover and develop two high-grade nickel sulphide mines in the Forrestania region of Western Australia, producing 22,000 – 25,000t nickel pa.

He served as a Non-Executive Director of Western Areas from 1999, and Non-Executive Chairman from 2007 to November 2013.

THE OFFER

Moho Resources NL (to be renamed Moho Resources Ltd), ACN 156 217 971, is offering 22,500,000 Shares at an issue price of $0.20 per Share to raise a minimum of $4,500,000, with the right to accept oversubscriptions of up to a further 7,500,000 Shares at an issue price of $0.20 per Share to raise up to a further $1,500,000.

The Company has appointed RM Corporate Finance Pty Ltd as lead manager to the Offer.

Raisebook is accepting bids of between $2,000 (minimum) and $5,000 (maximum) per entity.

We expect this offer to be in high demand.

The offer of the securities are made in the Disclosure Document, a copy of this document can be obtained by clicking on the "ACCESS DISCLOSURE DOCUMENT" button on this page.

Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the Disclosure Document.

Before making an investment decision, potential investors should read the Disclosure Document entirely, and seek professional financial advice.

There are risks associated with an investment in the Company. The Shares offered under this Prospectus carry no guarantee with respect to return on capital investment, payment of dividends or the future value of the Shares.

CAPITAL STRUCTURE

Minimum Subscription Maximum Subscription
SHARES
Shares currently on issue as at the date of this Prospectus 15,477,092 15,477,092
Shares issued pursuant to the Offer 22,500,000 30,000,000
Shares to be issued to corporate advisor 500,000 500,000
Total Shares on issue after completion of the Offer 38,477,092 45,977,092
OPTIONS
Options on issue as at the date of this Prospectus 20,708,709 20,708,709
Options offered pursuant to the Offer Nil Nil
Options to be issued to the Lead Manager 3,000,000 3,000,000
Options to be issued to Terry Streeter (or his nominee) 1,000,000 2,000,000
Total Options on issue after completion of the Offer 24,708709 25,708,709

Key Dates

Closing Date 17 September 2018
Despatch of holding statements 19 September 2018
Expected date for quotation on ASX 29 September 2018

Note: The above dates are indicative only and may change without notice. The company reserves the right to extend the Closing Date or close the offer early without prior notice.

KEY ADVANTAGES

Moho’s Directors are of the view that an investment in the Company provides the following non- exhaustive list of advantages:

  1. an investment into three key Projects in Queensland and Western Australia which are prospective for gold, nickel, copper, tin and cobalt
  2. the Empress Springs and Silver Swan North Projects have already had a significant amount of target definition work conducted and are ready to begin drilling shortly after the company is admitted to the Official List
  3. both the Silver Swan North and Burracoppin Projects are in close proximity to existing mines and infrastructure which could expedite the commercial extraction of any mineral resources which may be discovered at these Projects.

Please note, at the same time, there are key risks of an investment in the Company. There can be no guarantees that the Company will make significant discoveries or define economical grades or quantities of mineralisation. Risks associated with an investment in the Company are detailed in Section 4 of the Disclosure Document.

SUMMARY OF PROJECTS

The company’s projects comprise a total of 956 km2 of tenure, of which 867 km2 is granted and 89 km2 is under application. The tenements are prospective for gold, base metals and tin mineralisation.

Over the next two years the Company’s strategy is to systematically explore the Empress Springs Project in Queensland and Silver Swan North and Burracoppin Projects in Western Australia and in doing so, satisfy the relevant earn-in requirements with respect to the farm-in joint venture agreements pertaining to those Projects.

Depending on results achieved, Moho will focus its efforts on progressing the projects which the Directors believe have the best chance of delivering economic success and growth for the Company.

The Company will also consider acquiring other attractive mineral exploration or resource opportunities in Australia which meet these objectives.

Empress Springs — Gold and Base Metals

The Company considers that the Empress Springs Project has the largest mineral resource potential of the three Projects with indications of having the geological characteristics required to host world-class scale gold mineralised systems.

The Company is earning up to a 70% interest in three mineral exploration permits (EPM25208, EPM25209 and EPM25210) totalling approximately 773 km² of tenure, about 25km from the Croydon goldfield, Queensland.

The Company is exploring for large mineralised gold systems in a location where the target geology has not been tested by drilling.

The only previous drilling in the tenement areas was in 1972–1973 for uranium exploration by Esso Australia Ltd. Gold was not assayed for in these drillholes and no residual drill samples exist.

At one stage Croydon was the largest goldfield in north Queensland.

Moho considers the Empress Springs Project has the potential to host substantially larger gold deposits than at the exposed Croydon Goldfield.

This is due to the structural location, apparently larger plumbing system and deeper mantle penetrating structures transporting fluids from depth.

Moho is planning at least 10,000 m of air-core, 5,000 m of reverse circulation and 1,000 m of diamond drilling at Empress Springs at a cost of $1 million in the first two years from listing on the ASX.

Silver Swan North — Gold, Nickel, Copper and Cobalt

The Silver Swan North Project is located about 50 km northeast of the regional mining centre of Kalgoorlie in Western Australia. The Project covers approximately 55 km² and comprises four granted tenements and two tenement applications within the Kalgoorlie Terrane.

Greenstone belts of the Kalgoorlie Terrane are host to many world-class nickel and gold deposits.

Moho believes that the Silver Swan North Project area is under-explored and prospective for the discovery of both nickel and gold mineralisation. Moho will focus on identifying komatiite-hosted nickel sulphide deposits, as well as shear hosted and porphyry related gold mineralisation.

Poseidon Nickel Ltd’s Silver Swan and Black Swan nickel operations lie immediately adjacent to the Project.

The Silver Swan deposit is one the highest-grade nickel deposits in the world.

The Silver Swan North Project lies within 5 km of the historical Gordon Sirdar and Mulgarrie mines. The Kanowna Belle deposit is located about 20 km south of the Project area and is hosted in felsic rocks of the Gindalbie Group. From 1994 to 2015 the mine produced an estimated 4 Moz of gold.

Favourable geology and a substantial mineral endowment of the area supports Moho’s belief that further exploration of the Silver Swan North Project using a mineral systems approach of building on the existing geological knowledge could result in a significant mineral discovery.

Previous RC and diamond drilling has intersected gold mineralisation at the East Samson Dam prospect.

The Company plans to drill approximately 2,000 m of RC drilling at the East Samson Dam gold prospect to close off gold mineralisation which remains open along strike to the north.

Moho believes that if mineralisation is extended and a suitable gold resource established, it could provide early cash flow for the Company.

Moho is targeting a large, undrilled area within E27/528 and PLA27/2390 in the central north of the Project. Given the proximity to the Silver Swan and Black Swan deposits, Moho considers this area may be underlain in places by ultramafic rocks and consequently prospective for nickel mineralisation.

The Company is earning up to a 70% interest in M27/263 and E27/345, has a 100% beneficial interest in E27/528 and has applied for E27/613, P27/2232 and P27/2390 about 50km north of Kalgoorlie in Western Australia’s Eastern Goldfields.

Burracoppin Project — Gold

The Company is earning up to a 70% interest in E70/4888 and has applied for E70/5154 in an underexplored greenstone terrain in Southwest Terrane of the Western Australian wheatbelt.

The Southwest Terrane is the southwestern- most tectono-stratigraphic element of the Archaean aged Yilgarn Craton in Western Australia.

Moho is following up gravity anomalies and associated gold geochemical anomalies. This approach has proven successful elsewhere in that Terrane.

In contrast to the younger and mostly lower grade metamorphic terranes of the eastern Yilgarn Craton, the Southwest Terrane hosting the Burracoppin Project is a high-grade metamorphic terrane.

The gold mineralisation found at Tampia, Griffin’s Find and Katanning in the Southwest Terrane are all located near regional shears. In comparison the Burracoppin Project is located close to two regional shears and in particular on the aero-magnetically well-defined north-south regional shear which is also associated with the Tampia gold mineralisation to the south.

Burracoppin is located on the same north-south regional shear as Explaurum (ASX: EXU)’s Tampia gold deposit.

In May 2018, Explaurum announced indicated resources of 580,000 ozs of gold contained in 9.8Mt grading 1.8g/t of gold and inferred resources of 90,000 ozs of gold in 2Mt grading 1.6g/t of gold.

The Project area is located on the margin of a moderate amplitude continental-scale gravity anomaly; near a regional north-south trending structure, which is close to the Tampia gold deposit and which runs through Moho’s tenements; at the intersection of two major mineralised corridors (Westonia and Tampia Hill trends); and within an under-explored greenstone belt.

Burracoppin is located within 10 km of the Westonia (or Edna May) gold mine, which is owned and operated by Ramelius Resources (ASX: RMS). Recorded gold production from the mine is more than 1 Moz.

Moho’s use of magnetic and gravity data combined with surface geochemistry has defined 10 prospective targets including 9 located on gravity highs for detailed geochemical follow-up and drill testing.

Use of Funds

The proceeds from the offer and the Company’s existing cash reserves will be used for:

  1. defining drill targets at the Company’s key Projects through the use of various non-ground disturbing exploration techniques;
  2. systematically conducting exploratory drilling of its drill targets with the objective of discovering and delineating economic quantities and grades of mineralisation on the Projects;
  3. funding the expenses of the Offer; and
  4. providing the Company with working capital.
This deal closed on August 20, 2018