Sundance Resources (ASX: SDL) has received a further $800,000 from sophisticated investors, with the proceeds to be used to progress the requirements of its binding agreement with AustSino Resources Group. The terms of the funding are the same as those announced on 31 December 2018.
Sundance said the funds will be used for working capital and to progress the progress of the requirements of the binding agreement that it signed on 24 September 2018 (“Agreement”) with AustSino Resources Group Limited (ASX: ANS) (“AustSino”) and the noteholders of Sundance.
The terms of the funding are the same as those announced on 31 December 2018. Sundance has issued 200,000,000 fully paid ordinary shares at an issue price of $0.004 per share and the investors have also received 400,000,000 bonus options (2 options per share issued) at an exercise price of $0.006, the options will lapse 5 years after issue.
The placements did not require shareholder approval as it was completed under the existing capacity under ASX Listing Rule 7.1