- Po Valley Energy (PVE) launches a $10.1 million capital raise to fund the development of the Selva Malvezzi Project in Italy
- The capital raising consists of a $1 million placement and a $9.1 million non-renounceable entitlement offer
- Under the placement, roughly 35.7 million new shares will be issued at 2.8 cents
- The entitlement offer will consist of both an institutional and retail component with both allowing shareholders to receive one new share for every two held
- Po Valley is steady on the market and shares have been trading at 3.4 cents since June 7
Po Valley Energy (PVE) has launched a $10.1 million capital raise to fund the development of the Selva Malvezzi Project in Italy.
The money will also be used to retire existing shareholder loans, repay convertible notes and pay for working capital.
The company entered a trading halt only yesterday but did not disclose how much it intended to raise or what it would use the funds for.
The capital raising will consist of a $1 million placement and a $9.1 million non-renounceable entitlement offer.
Placement
Under the placement, roughly 35.7 million new shares will be issued at 2.8 cents.
This price represents a 17.6 per cent discount to Po Valley’s close of 3.4 cents on June 16 and a 12.5 per cent discount to the theoretical ex-rights price of 3.2 cents.
Entitlement offer
The entitlement offer will consist of both an institutional and retail component with eligible shareholders able to take up all, part or none of their entitlement.
Both components of the offer will see eligible shareholders be able to receive one new share for every two held at a price of 2.8 cents.
The offer is fully underwritten by advisory firm Henslow.
Po Valley is steady on the market and shares have been trading at 3.4 cents since June 7.