- BCI Minerals (BCI) has completed its capital raising venture, walking away with $47.9 million in additional cash
- The company closed its retail entitlement offer today, with 21 per cent of shareholders taking up the shares on offer to raise $5.5 million
- The remaining shortfall shares will be taken up by sub-underwriters of the offer to raise $20.6 million
- Along with the retail entitlement offer, BCI also raised $20.8 million via the institutional compenent of the same offer
- The company has previously said it’ll use the funds raise to advance the development of its 100 per cent-owned Mardie Project
- Shares in BCI ended the day 2.04 per cent in the red at 24 cents
Mining and exploration company BCI Minerals (BCI) has completed its capital raising venture, walking away with $47.9 million in additional cash.
The company closed its retail component of the entitlement offer today, revealing only 21 per cent of shareholders took up the shares on offer to raise $5.5 million.
Thankfully the remaining shortfall shares will be taken up by sub-underwriters Wroxby and Ryder Capital Management to raise another $20.6 million for the company.
The additional 110 million new shares, offered to shareholders for 24 cents each, are now expected to be issued on October 12, before beginning trade on October 14.
Along with the retail entitlement offer, BCI also recently raised $20.8 million via the institutional compenent of the same entitlement offer.
This means the company will walk away with $47.9 million in total, just under the original $48 million it had planned to raise.
BCI Minerals has previously stated it plans to use the majority of the additional capital on its 100 per cent-owned Mardie Salt and Potash Project, which is moving towards development.
In particular, it plans to use the money on early contructions work and other necessry infrastructure as the company pursues full construction beginning by mid next year.
Shares in BCI have ended the week down a slight 2.04 per cent at 24 cents each.