- Gold miner Beacon Minerals (BCN) has raised around $13.7 million through the exercise of the company’s listed options
- Company option-holders must exercise their options by 7:00 pm AEDT on March 15 to be eligible for an unfranked dividend
- Since announcing this condition, Beacon Minerals has seen over 527 million options exercised into shares at 2.5 cents each
- Roughly 370.8 million listed options in the company still remain on issue, with only four days until the dividend deadline
- Beacon Minerals closed 2.44 per cent in the red to trade at four cents per share
Gold miner Beacon Minerals (BCN) has raised around $13.7 million through the exercise of the company’s listed options.
On February 12, the company announced an unfranked dividend of 0.7 cents per share.
On February 16, Beacon Minerals followed up with a letter to those holding listed options exercisable by August 17, 2022. In the letter, the company stated that those option-holders must exercise their options by 7:00 pm AEDT on March 15, in order to be entitled to the dividend.
By February 23, Beacon Minerals had raised $7.54 million through the exercise of options. At the time, the company’s Managing Director and Chairman, Graham McGarry, commented that the response in the first week was very supportive of the direction of the company.
By March 3, Beacon Minerals had raised an additional $3.95 million, for a sub-total of $11.495 million. Between March 3 and March 11, the company raised a further $2.18 million, totalling $13.676 million in exercised options.
All up, 527,049,339 listed options have been exercised at 2.5 cents each, producing $13.176 million. In addition, 20 million unlisted options were exercised at 2.5 cents each, producing the other $500,000 in proceeds.
This leaves 370,817,481 listed options in the company still on issue, with only four days until the dividend deadline. It remains to be seen how many more of Beacon Minerals’ option-holders will take the opportunity to gain eligibility for the dividend.
In related news, Beacon Minerals has issued 120 million unlisted options to directors of the company. The unlisted options are exercisable at 5.3 cents each by no later than August 3, 2023.
Beacon Minerals closed 2.44 per cent in the red to trade at four cents per share.