The Company received firm commitments for a two-tranche placement of 23,636,364 new fully paid ordinary shares (New Shares) at a price of A$0.22 per New Share (Placement). The Placement price was set at the Company’s last closing price of A$0.22 and represented a 1% discount to the Company’s 15-day VWAP through the close of trading on Monday, 3 June 2024. The Placement, managed by Blackwood Capital Pty Ltd, was heavily supported, with applications being scaled back to an agreed A$5.2 million total.
The Placement was made available to institutional and professional/sophisticated investors. Applications were received predominantly from existing shareholders, ranging from several long-term supporters of the Company to a number of new shareholders who have strongly participated in recent on-market buying following Many Peaks’ acquisition of permits covering 1,275km2 in Cote d’Ivoire (refer to ASX Announcement dated 26 March 2024).
Placement Details
Use of Funds
The capital raised by the issue of New Shares will be used to accelerate exploration activities in Cote d’Ivoire and fund costs of the offer, working capital and corporate and administrative costs.
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