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Pursuit Minerals (ASX:PUR) set to raise $2M for projects in AU and Scandinavia

Mining
ASX:PUR      MCAP $17.66M
15 October 2020 09:26 (AEST)
Pursuit Minerals (ASX:PUR) - Chairman, Peter Wall

Source: Steinepreis Paganin

Pursuit Minerals (PUR) is set to raise around $2 million through a placement and fully-underwritten entitlements issue.

The funds will be used to advance the company’s projects in Australia and Scandinavia, and to provide working capital and funding for potential new opportunities.

The placement will be administered by CPS Capital, which is also underwriting the rights issue.

The deal

The $596,000 placement has already received firm commitments from clients of CPS.

Over 66 million shares will be issued at 0.9 cents each. It’s expected the shares will be issued on Tuesday, October 20.

Once the placement is complete, the company will undertake a two-for-seven non-renounceable entitlement offer at the same price as the placement to raise a further $1.4 million.

Pursuit Chairman Peter Wall and CEO Mark Freeman will be participating as sub-underwriters to the offer.

The record date for the offer is Thursday, October 22, and it’s expected to close on Tuesday, November 10.

CPS will take a six per cent fee of all proceeds raised from the offers.

Pursuit Minerals is trading 9.09 per cent higher at 1.2 cents just before Thursday’s close.

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