Constellation Resources Ltd has revised its capital raising initiative, offering more favourable terms to shareholders.
The new non-renounceable entitlement offer will raise approximately A$2.52 million before costs through the issue of up to 21,013,075 fully paid ordinary shares, replacing its earlier entitlement offer to raise approximately A$2.36 million by issuing one new share for every four held at A$0.15, as outlined in the offer document lodged with ASX on April 15, 2025.
Eligible shareholders will be entitled to subscribe for one new share for every three shares held as at the record date of 5:00pm AWST on Wednesday, May 28, 2025. The new shares will be issued at A$0.12 each — a reduction from the A$0.15 per share proposed in the withdrawn offer.
Directors and officers of the company have signalled strong internal support, committing to take up entitlements representing approximately 2.7 million new shares.
Application forms and the offer document will be dispatched on Friday, May 30, 2025, with the offer officially opening the same day. The offer is set to close at 5:00pm AWST on Monday, June 16, 2025. The company has also reserved the right to place any shortfall within three months after the offer closes, at no less than A$0.12 per share.
Funds raised will support exploration programs across Constellation’s Western Australian assets, as well as broader business development and general working capital requirements.
Constellation receives promising shale data from Edmund-Collier hydrogen project
This week, Constellation reported initial laboratory results from Total Organic Carbon (TOC) and Thermal Maturity (TM) analysis on shale samples from its Edmund-Collier Natural Hydrogen Project in Western Australia.
The Edmund-Collier Project forms part of the company’s broader Natural Hydrogen Project, which spans 87,602 square kilometres and represents a basin-scale, first-mover exploration opportunity. The project is targeting natural hydrogen potentially sourced from overmature, organic-rich shale units that stretch 300 kilometres east–west and 40 kilometres north–south. Notably, these targets have yet to be tested by drilling.
Early results from three of the eleven diamond drillholes—analysed by Core Laboratories Pty Ltd—show high TOC values across significant widths. These findings come from organic-rich shale core samples collected at regular intervals.
Results from the remaining eight drillholes are still pending.