- GME Resources (GME) has announced a 1:10 renounceable entitlement issue to raise up to $1.5 million
- More than 50 million shares will be issued at a price of three cents each
- Participating shareholders will receive one new share for every 10 shares held on the record date
- GME will use the money to continue discussions with potential strategic partners for its NiWest Nickel-Cobalt Project in Western Australia
- The money will also go towards infill drilling at its Fairfield, Homeward Bound and Federation gold prospects, and general working capital
- GME has ended the day with no change and shares trading for four cents each
GME Resources (GME) has announced a 1:10 renounceable entitlement issue to raise up to $1.5 million.
Up to 50,624,292 new shares will be issued at a price of three cents each.
This price represents a 22 per cent discount to the 10-day volume-weighted average price of 3.8 cents, and a 20 per cent discount to the 30-day volume-weighted average price of 3.7 cents.
Participating shareholders will receive one new share for every 10 shares held on the record date.
The entitlement offer will close on July 24 and shares will be issued on August 7. Shares can then begin trading on the ASX from August 10.
GME will use the money to continue discussions with potential strategic partners for its NiWest Nickel-Cobalt Project in Western Australia.
The money will also go towards infill drilling at its Fairfield, Homeward Bound and Federation gold prospects, and general working capital.
GME has ended the day with no change and shares trading for four cents each in a $20.24 million market cap.