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Labyrinth Resources Limited (ASX: LRL) (‘Labyrinth’ or ‘the Company’) is pleased to announce the successful completion of its pro rata non-renounceable entitlement offer of 1 new Share (New Share) for every 4 Shares held by eligible shareholders to raise approximately A$1.68 million (before costs) (Entitlement Offer) at an issue price of A$0.007 per share.
The Entitlement Offer was well supported by the Company’s existing shareholder base, with the Company having received valid applications for New Shares comprising the following:
The new capital structure of the Company following the issue of the New Shares in connection with the Entitlement Offer is as follows:
Pursuant to section 1.4 of the Entitlement Offer Booklet date 17 July 2023, the Directors reserve the right to place any shortfall shares as detailed above at their discretion within 3 months of the Closing Date.
As announced to the ASX on 3 July 2023, proceeds from the Placement and Entitlement Offer will be used towards:
- Exploration work at the Company’s high-grade gold projects Labyrinth and Comet Vale;
- Generating strategic growth and strengthening of the Company’s asset portfolio;
- Completing the final CAD $500,000 payment *plus interest) to G.E.T.T Gold Inc. related to the acquisition of the Company’s Quebec projects (refer ASX Announcement 1 May 2023); and
- General working capital
The Board would like to express their thanks for the support provided by participants in the Entitlement Offer.
Click here for the full ASX Release
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