- Boadicea Resources (BOA) will be undertaking a one-for-five renounceable rights issue to raise $2.98 million
- Shares will be priced at 24 cents which represents a 34.2 per cent discount to Boadicea’s close of 36.5 cents on May 17
- Participants will also receive one free-attaching option for every one new share subscribed for, exercisable at 42 cents with expiry on June 30, 2024
- Boadicea will use the funds to accelerate its planned exploration activities and pursue solid business development projects
- Boadicea has ended the day 4.11 per cent in the red with shares trading at 35 cents
Boadicea Resources (BOA) will be undertaking a one-for-five renounceable rights issue to raise $2.98 million.
The company entered a trading halt only yesterday but did not disclose how much it intended to raise or what it would use the funds for.
Shares will be priced at 24 cents which represents a 34.2 per cent discount to Boadicea’s close of 36.5 cents on May 17 and a 17.6 per cent discount to the 30-day volume-weighted average price of 29.1 cents.
Participants will also receive one free-attaching option for every one new share subscribed for, exercisable at 42 cents with expiry on June 30, 2024.
The rights issue will close on June 11 and shares can begin trading on the ASX on May 20.
Boadicea will use the funds to accelerate its planned exploration activities and pursue solid business development projects.
“The funds raised will provide a solid financial base to explore the company’s highly prospective gold, copper and nickel exploration prospects,” Managing Director Jon Reynolds commented.
“Our priority for exploration expenditure will be the Koongulla Project in the Paterson Province in Western Australia where we have identified a highly prospective and relatively shallow dome feature with some initial similarities to the world class Telfer Dome,” he said.
“Funds will also be used to advance our Queensland projects, including the highly prospective Clarke Reward project in the Drummond Basin in Queensland and the two BOA managed licences in the Fraser Range in Western Australia,” he added.
Boadicea has ended the day 4.11 per cent in the red with shares trading at 35 cents in a $22.68 million market cap.