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Moreton raising A$5M amid legal issues over Granite Belt silver-gold mine

Moreton Resources Ltd. seeks to raise A$5 million through a non-renounceable rights issue at 1 Australian cent per share to advance its projects.

In late-August, the company suspended the advancement of production at its Granite Belt silver-gold mine in Queensland, Australia, amid legal issues regarding financial assurance matters. Moreton said Sept. 9 that the dispute forced it to lay off workers from the parent company and its MRV Metals Pty Ltd unit.

The company also owns the Kingaroy, Wandoan and Mackenzie coal properties, all in Queensland.

Moreton also said that First Samuel Ltd. will convert A$1 million of debt into equity through a share placement triggered by the rights issue. This will increase First Samuel's Moreton stake to 20%.