Straits Resources Looks to Raise A$60 Million, Signs Offtake Deal with Glencore

Mineweb reported that Straits Resources will look to raise A$60 million through a  renounceable entitlement offer, and has signed a life-of-mine offtake agreement with Glencore.

As quoted in the market news:

Under the entitlement offer, Straits would issue 1.55 new fully paid ordinary shares for every share held at September 17, at an issue price of A$0.085 a share.

The issue price represented a 23.5% discount to the ten-day volume-weighted average price of Straits shares, and was expected to raise up to A$60-million.

Glencore has agreed to sub-underwrite the offer for up to A$40-million, with a number of existing shareholders making up the balance.

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