VRX Silica (ASX: VRX) today announced that the fully underwritten 1 for 13 pro rata renounceable entitlement offer of new fully paid ordinary shares in the company closed on 22 May 2024, raising $617,332.
The company received valid applications for 6,709,532 new shares at an offer price of $0.055 each, together with 3,354,766 free-attaching options on a 1 for 2 basis with an exercise price of $0.18 each and expiring on 31 August 2025.
Canaccord Genuity Australia acted as lead manager and agreed to fully underwrite the offer.
The remaining 33,652,917 new shares and 16,826,458 new options (approx. $1.85 million) not taken up under the offer will be issued to sub-underwriters.
The new shares and new options are expected to be allotted and issued on 29 May 2024.
