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Nanocap North Stawell Minerals Ltd (ASX:NSM) – whose focus is mostly on exploration of the Stawell mineralised corridor of Victoria – has successfully completed a Shortfall Bookbuild as part of a wider capital raising initiative which is set to put $1.3 million into the company’s piggy bank.
The Shortfall Bookbuild concluded the 4 for 5 non-renounceable pro-rata Entitlement Offer – underwritten by Henslow Pty Ltd – in which new shares had been priced at 1 cent each, with the goal of raising $1.1 million.
This was rolled out alongside a successful single tranche Placement of $0.2 million to sophisticated and professional investors at the offer price – as announced on September 24 – with this and the entitlement offer together expected to yield around $1.3 million in total before costs.
According to the terms of the Shortfall Bookbuild, 52,631,443 Shortfall Shares were offered for sale on October 16 at the ‘aforementioned price of 1 cent each per New Share.
Of these, 16 million came to be successfully allocated to sophisticated and professional investors, while the remaining 36,631,443 were allocated to C&P Entities Pty Ltd.
Henslow also ran a Bookbuild for ineligible shareholder entitlements involving 12,811,123
New Shares, with these being successfully placed at an Offer Price of 1 cent each to C&P.
New Shares under the Entitlement Offer and Shortfall Bookbuild will be issued on October 21, with the quotation of new shares being completed the following day.
NSM’s shares rose on the news, and at 12:48 AEDT, they were trading at 2.9 cents – a rise of 31.82% since the market opened.
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