Reward Minerals Ltd (ASX:RWD) has wrapped up its non-renounceable pro-rata rights issue to eligible shareholders, hauling in a total of $697,447.
Done and dusted
CEO Lorry Hughes said: “It is great to have the capital raising behind us now so the team can concentrate fully on advancing its Reward Process technology toward commercialisation in a number of locations globally.
“On behalf of the board of directors, I would like to thank new and existing shareholders who participated in the capital raising and we look forward to providing further progress updates in the near term.”
The company issued one new share for every six ordinary shares held at an issue price of 8 cents per new share, with one free attaching new option for every two new shares issued, with an exercise price of 20 cents per share and an expiry date of March 31, 2025.
The offer closed on March 15 and eligible shareholders subscribed for 8,718,087 new shares.
Additional securities
Under the terms of the offer, eligible shareholders who applied for their full entitlement were able to apply for additional securities.
New shares and options will be issued to existing shareholders on or about March 22.
The new shares will rank equally with existing shares on issue and the new options are expected to commence trading on ASX shortly after allotment.
The shortfall of around 23.8 million new shares valued at more than $1.9 million will be allocated to the underwriter and its nominees and the sub-underwriters, with settlement to occur on or around March 24 and allotment on or around March 27.