
- NORTH AMERICA EDITIONAustraliaNorth AmericaWorld
May 13, 2024
Spartan Resources Limited (Spartan or Company) (ASX:SPR) is pleased to announce that the Company has completed the retail component (Retail Entitlement Offer) of its 1-for-17 fully underwritten pro rata accelerated non-renounceable entitlement offer (Entitlement Offer) of new fully paid ordinary shares in Spartan (New Shares) as announced on Thursday, 18 April 2024.
The Retail Entitlement Offer closed at 7.00pm (Sydney time) on Friday, 10 May 2024 to raise a total of approximately A$11m at the offer price of A$0.58 per New Share. The Retail Entitlement Offer follows the completion of the institutional component of the Entitlement Offer and placement (Placement) which raised A$69m. In total the Placement and Entitlement Offer (together the Equity Raising) raised approximately A$80m.
Pursuant to the Retail Entitlement Offer, the Company received applications for approximately 7.4 million shares for A$4 million. The shortfall under the Retail Entitlement Offer is 12.0 million shares (Shortfall Shares) for A$7 million which will be issued to the underwriters of the Entitlement Offer. The total raising under the fully underwritten Entitlement Offer is approximately A$11m (before costs).
New Shares under the Retail Entitlement Offer (including the Shortfall Shares) are expected to be allotted on Friday, 17 May 2024 and commence trading on a normal settlement basis on Monday, 20 May 2024. New Shares issued under the Retail Entitlement Offer will rank equally with the Company’s existing fully paid ordinary shares.
Canaccord Genuity (Australia) Limited, Sternship Advisers Pty Ltd and Euroz Hartleys Limited are acting as Underwriters and Joint Lead Managers to the Equity Raising.
Further information on the Entitlement Offer is set out in the Investor Presentation separately lodged with ASX on Thursday, 18 April 2024 and the Retail Offer Booklet lodged with ASX on Friday, 26 April 2024.
Click here for the full ASX Release
This article includes content from Spartan Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
SPR:AU
The Conversation (0)
03 April 2024
Spartan Resources
Focused on Growing High-grade Gold Ounces in front of established infrastructure in Prolific Western Australia
10 October
Editor's Picks: Historic Week — Gold Breaks US$4,000, Silver Takes Out All-time High
It's been yet another historic week for gold, as well as silver.Gold broke through US$4,000 per ounce midway through the period, entering never-before-seen territory as the US government shutdown continued into a second week.Silver's milestone was perhaps even more impressive. The white metal... Keep Reading...
09 October
OPINION — Past is Prologue: Why the Next Decade Could Belong to Gold and the Miners
This opinion piece was submitted to the Investing News Network (INN) by John Newell who is an external contributor. INN believes it may be of interest to readers and has copy edited the material to ensure adherence to the company’s style guide; however, INN does not guarantee the accuracy or... Keep Reading...
09 October
Tudor Gold Sues BC, Seabridge Over Tunnel Rights in Golden Triangle
An ongoing land-use dispute in British Columbia’s mineral-rich Golden Triangle has escalated into a full-blown legal battle as Tudor Gold (TSXV:TUD,OTC Pink:TDRRF)takes the province and rival Seabridge Gold (TSX:SEA,NYSE:SA) to court over tunneling rights linked to one of Canada’s largest... Keep Reading...
09 October
Predictive Discovery and Robex to Merge, Combining West African Gold Projects
Australia-based Predictive Discovery (ASX:PDI) and Canadian company Robex Resources (ASX:RXR,TSXV:RBX,OTC Pink:RSRBF) have agreed on a merger of equals, creating West Africa’s new mid-tier gold producer.In a joint announcement, the companies said that Predictive Discovery will indirectly acquire... Keep Reading...
08 October
Gold Price Breaches US$4,000, Silver Tests US$50
Gold marked a new price milestone on Wednesday (October 8), breaking US$4,000 per ounce. The spot price hit a fresh record, rising as high as US$4,056.14 in midday trading. Future prices for gold breached US$4,000 for the first time on Tuesday (October 7) and have continued to climb higher.The... Keep Reading...
08 October
What Was the Highest Price for Gold?
Gold has long been considered a store of wealth, and the price of gold often makes its biggest gains during turbulent times as investors look for cover in this safe-haven asset.The 21st century has so far been heavily marked by episodes of economic and sociopolitical upheaval. Uncertainty has... Keep Reading...
Latest News
Latest Press Releases
Numinus Wellness Announces Change of Auditor
10 October
Chairman on India Trade Mission with PM
10 October
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00