- Resources investment holding company Fitzroy River (FZR) is looking to tap investors for $2.6 million via a retail and institutional entitlement offer
- The ASX-lister will be offering its shares to institutional and retail investors at 12 cents each
- With $2.5 million set to go towards its debt facility, the remainder will cover costs of the placement and working capital
- ZR says entitlements to new shares under the offer are non-renounceable and are, therefore, unable to trade on the ASX
- Fitzroy River closed the day in the grey at 16.5 cents per share
Resources investment holding company Fitzroy River (FZR) is looking to tap investors for $2.6 million via a retail and institutional entitlement offer.
The ASX-lister is seeking the funds to repay an outstanding debt facility, totalling around $2.5 million, with the remainder of proceeds set to cover the cost of the raise and, if any remains, for working capital.
The company is set to undertake an accelerated pro-rata one-for-four non-renounceable entitlement offer of new FZR ordinary shares at 12 cents each.
All up, 21,590,850 shares are up for grabs under the entitlement offer, which includes both an institutional and a retail component.
The retail component is set to be fully underwritten by Taylor Collison and will open on February 24.
Entitlements to new shares under the offer are non-renounceable, making them unable to trade on the ASX or be otherwise transferred.
Fitzroy River closed the day in the grey at 16.5 cents per share.