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BBX Minerals Ltd Updates On Equity Raising


Monday, 1 Apr 2013 11:20pm EDT 

BBX Minerals Ltd announced that further to the announcement made earlier, it now announced that, due to it being unable to utilise its approved 10% placing capacity, the private placement to sophisticated investors of 35,000,000 fully paid ordinary shares at 2 cents per share to raise $700,000 will now take place in two tranches as follows: Tranche 1 will raise $228,000 through the issue of 11,400,000 shares at 2 cents under the Company’s existing 15% capacity, with completion expected to occur on April 03, 2013; and Tranche 2 – The Company will seek shareholder approval to issue up to a further 23,600,000 fully paid ordinary shares at 2 cents per share to raise up to a further $472,000. Proceeds from the share issue will be used for general working capital. The variation otherwise does not affect the previously announced raising, and a significant portion of the funds for Tranche 2 have already been received. As previously advised shareholder approval will also be sought to issue 17,500,000 advisory options, with an exercise price of $0.05 expiring on or before March 30, 2016, in consideration for services provided in conjunction with the placement. 

Company Quote

0.015
0.0040 +36.36%
21 Aug 2014