Maximus Resources Ltd (ASX:MXR, OTC:MXRRF) has raised $1,720,685 in an underwritten pro-rata non-renounceable entitlement offer to existing eligible shareholders at $0.03 per new share.
The entitlement offer closed at 5.00 pm (AEST) on Wednesday, May 22, 2024, with eligible shareholders subscribing for 57,356,155 new shares and the company thanks all eligible shareholders who participated.
Maximus will issue new shares pursuant to entitlements taken up and applications for additional new shares by eligible shareholders on May 29, 2024.
Funds raised will assist with gold-focused exploration drilling programs and development work across the company’s Spargoville Gold Project and initial scout drilling at the company’s Larkinville Lithium Project.
Shortfall arrangements
The remaining 49,625,768 new shares not subscribed for are now part of the shortfall to be placed by the underwriter, Argonaut PCF Limited, in accordance with the terms of the Underwriting Agreement.
Subject to the settlement of funds, the new shares subscribed for under the shortfall offer will be issued on May 29, 2024, with normal trading of the new shares expected to commence on May 30, 2024.
READ: Maximus Resources seeks $3.2 million to accelerate gold exploration and development programs