Manhattan Corporation Secures $2.2 Million to Boost Hook Lake Project

Highlights:

• Manhattan Corporation Ltd (ASX: MHC) raised $2.2 million through a placement to professional and sophisticated investors, with a $1 million cornerstone commitment from Viaticus and Astrotricha Capital.
• Funds will be used to accelerate exploration at the newly acquired Hook Lake Project, including aeromagnetic surveys, field mapping, and ground geophysics.
• Placement shares were issued at $0.02, representing a 16.6% discount to the last traded price of $0.024, with Shaw and Partners acting as lead manager.

Strong Investor Support Backs Capital Raise

Manhattan Corporation Ltd (ASX: MHC) has successfully secured firm commitments to raise $2.2 million through a placement to sophisticated and professional investors. At the time of writing, the placement is backed by a significant $1 million cornerstone commitment from clients of Viaticus Capital and Astrotricha Capital, affiliated with John Hancock’s family office. The funding follows Manhattan’s acquisition of the Hook Lake Project on July 24, 2025.

Proceeds to Accelerate Exploration Efforts

The capital raised will be directed toward advancing the newly acquired Hook Lake Project, with a focus on key early-stage exploration activities. These include field reconnaissance, mapping, sampling, an aeromagnetic survey, data compilation, and ground geophysics. The remaining funds will support the company’s working capital needs.

Placement Details and Market Position

The $2.2 million placement involves the issue of 111,474,724 new shares at $0.02 per share. This price reflects a 16.6% discount to Manhattan’s last traded price of $0.024 on July 24, 2025. It also sits just below the 15-day Volume Weighted Average Price (VWAP) of $0.022. The new shares will rank equally with the company's existing ordinary shares and are expected to be quoted on or around August 5, 2025.

The placement fully utilizes Manhattan’s available placement capacity under ASX Listing Rules 7.1 and 7.1A. Shaw and Partners Limited served as the lead manager for the placement.

Looking Ahead

This capital injection positions Manhattan Corporation to ramp up exploration at Hook Lake and signals strong investor confidence in the project’s potential. The company is expected to begin groundwork in the coming weeks, marking an important milestone in its resource development strategy.

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