West Australian gold explorer Focus Minerals Limited (ASX: FML) refers to the non-renounceable entitlement offer of new Focus shares (New Shares) at an issue price of $0.25 per New Share (Entitlement Offer), which closed on 23 December 2021.
The company has successfully raised approximately $25.50 million (before costs) under the Entitlement Offer, including in relation to the ‘Top Up Offer’. A total of 384 valid acceptances were received under the Entitlement Offer for 102,011,786 New Shares, implying that approximately 9.4% of Shareholders (by number) participated in the Entitlement Offer, representing approximately 56% of existing Focus shares on issue.
The proceeds of the Entitlement Offer will be used to help fund the implementation of the company’s plans to resume gold mining operations at its Coolgardie Gold Project and provide working capital to fund the continued operation, exploration and assessment of all its projects.
Focus would like to thank those shareholders who participated in the Entitlement Offer including the company’s largest shareholder, Shandong Gold, for their support. Focus remains committed to advancing its Coolgardie and Laverton Gold Projects and delivering value for all shareholders.
Following completion of the Entitlement Offer, Shandong Gold will hold 63.58% of the company’s expanded issued share capital.
