- Focus Minerals (FML) raises $25.5 million through a non-renounceable entitlement offer
- The offer saw shares offered at an issue price of 25 cents each, with 384 valid applications received, implying 9.4 per cent of shareholders participated in the entitlement offer
- Following completion of the offer, Focus Minerals’ largest shareholder, Shandong Gold, will be allocated over 90 million new shares, taking its stake in the company to 63.5 per cent
- The proceeds will be used to help fund the company’s plans to resume mining at its Coolgardie Gold Project in Western Australia’s Goldfields
- Focus Minerals last traded at 31.5 cents on December 29
Focus Minerals (FML) has raised $25.5 million in a non-renounceable entitlement offer.
The offer at an issue price of 25 cents each, saw 384 valid applications received, implying that 9.4 per cent of shareholders participated in the entitlement offer, said to represent approximately 56 per cent of existing Focus shares on issue.
A total of 102,011,786 new shares will be issued.
Given the level of acceptances, Focus Minerals said no scale back is required in relation to the top up offer.
Following completion of the offer, Focus Minerals’ largest shareholder, Shandong Gold, will be allocated 90,519,954 new shares, taking its stake in the company to 63.58 per cent.
The proceeds will be used to to help fund the implementation of the Company’s
plans to resume gold mining operations at its Coolgardie Gold Project, and provide working capital to fund the continued operation, exploration and assessment of all its projects.
The new shares are due to be issued on 31 December 2021.
Focus Minerals last traded at 31.5 cents on December 29.