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- Western Australian focused gold explorer Yandal Resources (YRL) is looking to raise $3.4 million via a non-renounceable rights offer
- The funds will be used for exploration at the Gordon’s Project and the Mt McClure Project in WA’s Yandal Greenstone Belt and for working capital
- Under the rights offer, Yandal will issue up to 13.37 million shares for 25 cents each on a one for five basis
- Yandel’s share price is down 10.3 per cent to 26 cents per share
Western Australian focused gold explorer Yandal Resources (YRL) is looking to raise $3.4 million via a non-renounceable rights offer.
The funds will primarily be used for exploration at the Gordon’s Project and the Mt McClure Project in WA’s Yandal Greenstone Belt, as well as for working capital purposes.
Under the rights offer, Yandal will issue up to 13,369,595 million shares for 25 cents each. The offer is on the basis of one new share for every five held on the record date of June 17, 2020.
There is no minimum subscription under the offer for eligible shareholders in Australia and New Zealand.
If fully subscribed, and no options are exercised before the record date, the new shares will bring Yandal’s total issued capital to 80,217,570 shares.
The offer is not underwritten, but Panthea Capital Partners, as the lead manager of the offer, will place any shortfall.
Yandel’s share price is down 10.3 per cent to 26 cents per share at 11:30 am AEST.
