Highlights
The total includes $1,211,907 received by way of acceptances from shareholders and $1,250,207 received from the shortfall shares placed to existing shareholders and by the lead manager and Underwriter, Mahe Capital Pty Ltd (Mahe Capital).
The Company will issue 82,070,455 new fully paid ordinary shares (Shares) and 41,035,227 new options (subject to rounding) exercisable at $0.075 and expiring on 7 November 2026 (Options). The Company will seek quotation of the Options on the ASX.
The new securities are expected to be issued on Tuesday, 7 May 2024, in accordance with the timetable in the Prospectus and will commence trading on the ASX on a normal settlement basis from Wednesday, 8 May 2024.
The Company would like to thank all its shareholders for their support and welcomes new shareholders introduced by Mahe Capital to the register.
The Board has also exercised its discretion to accept a portion of the excess demand to the value of $250,000. Accordingly, the Company will issue an additional 8,333,333 Shares and 4,166,666 Options, on the same terms as the securities issued under the rights issue, from the company’s current listing rule 7.1 placement capacity.
A supplementary prospectus will be lodged with ASIC and released to ASX in respect of the additional shares and options.
The final capital raising results are set out below:
* The number of new Shares and Options issued is subject to rounding.
A further 5,424,227 Options will be issued to the underwriter.
Managing Director and CEO, Neil Marston commented,
“On behalf of the Board, I would like to thank all our shareholders who have participated in this Rights Issue and to also welcome new shareholders to the Flynn Gold register. This is a very good outcome, particularly in these difficult markets and demonstrates enthusiasm for our future. The Company now has sufficient funds to embark on growing our gold opportunities in Northeast Tasmania with drilling already underway.“
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