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Horseshoe Metals Ltd Kicks Off $1.8 Million Capital Raising To Advance Copper Exploration

Monday, 17 Jun 2013 07:54pm EDT 

Horseshoe Metals Ltd announced details of a share placement which, once finalised, will raise $700,000 for the Company. The Company also announced a non-renounceable rights issue to existing shareholders to raise an additional $1.173 million. The placement of 10,000,000 shares at $0.07 per share will be undertaken in two tranches, being: (i) A total of 7,857,000 new ordinary shares have been placed with a number of new and existing sophisticated investors at an issue price of $0.07 per share. (ii) a total of 2,143,000 new ordinary shares will be placed with one or more entities associated with director Michael Fotios at an issue price of $0.07 per share. Details of the rights issue are: One new ordinary fully paid share (New Share) for every $0.05 shares held at the Record Date, at an issue price of $0.07 per New Share; Approximately 16,755,500 New Shares may be issued, raising $1.173 million before expenses; The New Shares will rank pari passu with the existing issued shares of the Company; and The issue is presently not underwritten, however negotiations are ongoing with a number of parties/major shareholders about possible participation as sub-underwriters. Follow the Company‚Äôs recent announcement of a 40% increase in its Mineral Resources at the Horseshoe Lights Project, the funds raised will be used to fund follow up exploration including geophysical survey work and drilling at the Horseshoe Lights and Kumarina Projects; and for working capital purposes. 

Company Quote

30 Mar 2015