- Focus Minerals (FML) announces a $45.6 million non-renounceable entitlement offer of new shares at 25 cents
- Eligible shareholders will be allowed to subscribe for one new share for each existing FML share already held as of Wednesday, December 8
- The company says funds will be used to implement plans to resume gold mining operations at its Coolgardie gold projects and provide working capital for other projects
- The entitlement offer is set to open on Friday, December 10 and close on Thursday, December 23
- Focus Minerals shares are up 1.7 per cent to trade at 29 cents at 10:55 am AEDT
Focus Minerals (FML) announces a $45.6 million non-renounceable entitlement offer of new shares at 25 cents.
Eligible shareholders with an Australian or New Zealand address will be allowed to subscribe for one new share for each existing FML share already held as of 4:00pm Wednesday, December 8.
The company says the funds raised will be used to pay the offer costs and support the implementation of plans to resume gold mining operations at its Coolgardie gold projects and provide working capital for other projects.
Shareholders who take up their entitlement in full may also apply for additional new shares under a top up offer.
However, there is no guarantee those who apply for additional new shares will receive all or any they subscribe for.
New shares under the entitlement offer will rank equally with existing FML ordinary shares.
The entitlement offer is set to open on Friday, December 10 and close on Thursday, December 23.
The issue price of 25 cents represents a 12.3 per cent discount to the last closing price on Thursday, December 2.
New shares will be quoted on a deferred settlement from market open on Friday 24 December and issued on or around Friday 31 December.
Focus Minerals share are up 1.7 per cent to trade at 29 cents at 10:55 am AEDT.