- Podium Minerals (POD) raises $4.6 million to progress its Parks Reef project in WA
- The company has completed an entitlement offer under which eligible shareholders subscribed for one new share for every 15 shares owned at 22 cents
- Shareholders subscribed for 85 per cent of the shares on offer, representing $3.9 million, with the shortfall to be managed by Canaccord Genuity
- The entitlement offer marks the completion of the second part of Podium’s $6.6 million capital raise, with the funds to go towards defining a new mineral resource at Parks Reef
- Podium Minerals last traded at 23.5 cents on August 11
Podium Minerals (POD) has raised $4.6 million to progress its Parks Reef project in Western Australia.
The company announced the completion of its non-renounceable entitlement offer under which shareholders subscribed for one new share for every 15 fully shares already owned at an issue price of 22 cents.
The offer closed on August 5 and saw shareholders apply for 17.8 million new shares, worth roughly $3.9 million. This represents an 85 per cent take-up rate of entitlements by eligible shareholders.
The shortfall of the offer will be managed by Canaccord Genuity and will see 3,171,367 new shares allocated for $697,700.
The $4.6 million completes the second part of Podium’s $6.6 million capital raising. The company said it would use the funds to complete drilling and exploration activities at Parks Reef to deliver an updated mineral resource within the scope of the current stage nine and ten programs.
It will also use the money to continue metallurgical test work ahead of a scoping study and prep for future phases of exploration drilling.
Work is already underway at the project, with the company announcing the receipt of new assays and the addition of cobalt to its mineral resource estimate.
The new shares from the entitlement offer and shortfall facility will be issued on Monday and are expected to begin trading on August 16.
Podium Minerals last traded at 23.5 cents on August 11.