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This company just announced a capital raise

Miramar Resources Ltd (ASX:M2R) has announced it has received firm commitments from new and existing investors to raise approximately $2.4m (before costs), by way of an oversubscribed Placement, and announces an Underwritten Option Rights Issue for existing shareholders. Funds raised under the Placement and Option Rights Issue will be used to accelerate exploration activities at the Company’s 80%-owned Gidji JV Project, conduct further exploration at the Company’s other projects in the Eastern Goldfields, Murchison and Gascoyne regions of WA, and provide working capital.

When an ASX-listed company announces a capital raising, it generally means it is selling more shares to raise money.

More often than not, the shares are sold at a discount to the company’s share price at the time to entice new and existing investors.

Following the announcement, shares in Miramar Resources Ltd remained in a trading halt.

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