The Conversation (0)
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
This article includes content from Labyrinth Resources, 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.
LRL:AU
INN Article Notification
