- Exploration company Avira Resources (AVW) has released the details of a $475,000 capital raise
- The money will be raised through a non-renounceable entitlement option offer and an option placement
- Avira has engaged CPS Capital Group as a corporate advisor, broker, and lead manager
- Once it has received the money, the company will use it to progress exploration work and for general working capital
- Avira is currently steady on the market and shares are trading for 0.5 cents each
Exploration company Avira Resources (AVW) has released the details regarding a $475,000 capital raise.
The money will be raised through a non-renounceable entitlement option offer and an option placement.
Avira has engaged CPS Capital Group as a corporate advisor, broker, and lead manager.
Additionally, CPS will assist with the management of Avira’s corporate and capital structure.
“The company is very pleased to be working with CPS Capital Group, a WA-based brokerage and advisory business with a strong track record and reputation in both the domestic and global resources sector to assist the company with its exploration ambitions and associated capital requirements,” Executive Director David Deloub said.
Entitlement option offer
For the entitlement option offer, approximately 275 million options will be issued to eligible shareholders on the basis of one option for every five shares held.
Shares will be priced at 0.1 cents each in a bid to raise up to $275,000, before costs.
The options are exercisable at one cent each and will expire on July 10, 2022.
Option placement
To raise the remaining $200,000, 200 million options will be issued at a price of 0.1 cents per option.
These options will also be exercisable at one cent and will expire on July 10, 2022.
Avira will use the $475,000 to progress exploration work and for general working capital.
Avira is steady on the market today and shares are trading for 0.5 cents each at 12:06 pm AEST.