- Pursuit Minerals (PUR) has received commitments to raise $8.25 million via a placement
- Under the placement, the company will issue around 119.5 million fully paid ordinary shares at 6.9 cents each, which represents a discount of 21.59 per cent to PUR’s last closing price of 8.8 cents
- The funds raised will help Pursuit advance its Warrior, Combatant and Gladiator projects, provide working capital and fund future opportunities
- Shares are 3.4 per cent lower at 8.5 cents each
Pursuit Minerals (PUR) has received commitments to raise $8.25 million via a placement.
The company entered a trading halt on Monday after announcing the proposed raise.
The funds came from sophisticated investors, who have committed to 119.5 million fully paid ordinary shares at 6.9 cents each — a discount of 21.59 per cent to PUR’s last closing price of 8.8 cents.
The proceeds will help Pursuit advance its Warrior, Combatant and Gladiator projects, provide working capital and fund future opportunities.
The shares will be issued in a single tranche, using the company’s existing placement capacity with around 43.7 million shares to be issued under PUR’s LR 7.1 placement capacity and roughly 78 million shares to be issued under the LR 7.1A placement capacity.
CPS Capital Group is handling the finance for the oversubscribed placement and will be paid a cash fee equal to 6 per cent of the amount raised.
PUR will also give CPS 20 million options, expiring October 31, for distribution to the brokers that assist with the placement.
Shares are 3.4 per cent lower at 8.5 cents each at 10:24 am AEDT.