- CZR Resources (CZR) completes a share purchase plan (SPP) to raise $283,000 instead of the intended $500,000
- The SPP was announced last month when CZR received firm commitments for a $7 million placement
- While it planned to raise up to $500,000, the board has resolved not to issue any of the $217,000 shortfall in the SPP
- CZR will issue and allocate 24.6 million shares at 1.15 cents to raise $283,000
- Company shares closed steady at 1.1 cents apiece
CZR Resources (CZR) has completed a share purchase plan (SPP) which was announced last month.
The company announced receiving firm commitments from sophisticated and professional investors to conduct a two-tranche placement to raise $7 million.
The first phase issued 347,826,100 shares to investors at an issue price of 1.15 cents to raise $4 million and was completed on June 15.
The second phase will involve the issue of 260,869,600 shares to raise the remaining $3 million. However, this is subject to shareholder approval which will be sought at a meeting on July 22.
Alongside the placement, CZR Resources announced its intention to raise up to an extra $500,000 through an SPP.
Shareholders were able to subscribe for up to new shares worth a total of $30,000 at the same issue price as the placement, which was 1.15 cents.
Today, the company announced it will issue and allocate 24,608,683 fully paid ordinary shares at 1.15 cents under the SPP to raise $283,000.
The board has reportedly decided not to issue any of the $217,000 shortfall in the SPP. Holding statements will be dispatched on or around July 13.
At market close company shares were 1.1 cents each.