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Potash West NL (ASX:PWN) arranged an equity raising of approximately $0.9 million by way of a fully underwritten, non-renounceable, pro rata entitlement offer of shares, at a price of $0.05 per share.
As quoted in the press release:
The Entitlement Offer is a pro rata non-renouncable offer of shares to eligible shareholders at an issue price of $0.05 each on the basis of 1 new share for every 5 shares held at the First Record Date. The Entitlement Offer is fully underwritten by Barclay Wells Limited.
Based on the current capital structure of the Company (and assuming no existing options are exercised prior to the First Record Date), the number of shares to be issued pursuant to the Entitlement Offer is 18,804,213. The Entitlement Offer will raise approximately $940,210 before costs.
Click here to read the Potash West NL (ASX:PWN) press release
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