3rd Mar 2016 09:54
LONDON (Alliance News) - Base Resources Ltd on Thursday said the accelerated institutional component of the 1 for 3.35 renounceable entitlement offer has been completed, raising AUD8.3 million.
This is part of Base Resources' capital raising to raise gross proceeds of around AUD10.0 million at AUD0.06 per share.
Base Resources said the institutional entitlement offer, together with the institutional shortfall bookbuild, was fully subscribed and will raise gross proceeds of around AUD8.3 million for the issue of approximately 137.5 million shares.
"We have been delighted with the strong support demonstrated by our existing institutional
shareholders, including that of Pacific Road Capital in additionally ensuring the success of the entitlement offer by providing a significant sub-underwriting commitment, and also the level of interest from new investors," Managing Director Tim Carstens said in a statement.
"We welcome the new shareholders to Base Resources' register, and also look forward to the participation of our eligible retail shareholders in the retail entitlement offer," he added.
The entitlement offer to existing retail shareholders opens next Thursday and is expected to close on March 24.
Shares in Base Resources were untraded on Thursday, last quoted at 3.12 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Base Resources