Join our daily newsletter At The Bell to receive exclusive market insights
- Adavale Resources (ADD) terminates its previously announced share purchase plan (SPP) and launches a new one
- Recently the company announced a $1 million SPP and has now cancelled it due to technical issues
- However it has also announced a new SPP raising a further $1.5 million
- Eligible shareholders will be able to purchase up to $30,000 worth of shares at 5.5 cents each
- Adavale is trading down 1.75 per cent at 5.6 cents per share at 12:52 pm AEDT
Adavale Resources (ADD) has terminated its previously announced share purchase plan (SPP) and has launched a new one.
Recently the company announced a $1 million SPP, giving the opportunity for shareholders to purchase further units.
Adavale said the SPP was dropped due to technical issues, however a new one has been announced.
The new raise is jumping to $1.5 million due to the significant interest shown from exisiting shareholders.
Eligible shareholders will be able to purchase up shares worth up to $30,000 at 5.5 cents each.
Funds from the raise will be used to speed up the exploration program on the Kabanga Jirani Nickel Project and help explore the company’s South Australian uranium tenements.
The SPP will be capped at $1.5 million and is not underwritten.
Adavale was down 1.75 per cent at 5.6 cents per share at 12:52 pm AEDT.
