9th Apr 2015 08:22
LONDON (Alliance News) - SolGold PLC Thursday said shareholders have applied for a total of 74.7 million shares in its open offer, raising a total of GBP2.2 million.
A total of 114.3 million shares were available under the open offer, which was announced in March when the company said it was hoping to raise GBP3.4 million at 3.0 pence per share. Of the total applications, 40.6 million shares were applied for under open offer entitlements and the remaining 34.1 million shares were applied for under the excess application facility, it said.
SolGold shares fell by 4.6% to 2.62 pence per share on Thursday morning.
The 74.7 million shares represents around 9.8% of the company's enlarged issue share capital following the open offer, and after expenses, SolGold will have GBP2.1 million in proceeds which will be split over three areas.
SolGold said GBP466,000 will be put toward general and administrative expenses, GBP26,000 will be used on tenement management in Australia and the Soloman Islands, and the remaining GBP1.6 million will be used on exploration and local corporate costs in Ecuador.
By Joshua Warner; [email protected]; @JoshAlliance
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