Surefire Resources NL has kicked off a non-renounceable entitlement offer aiming to raise up to $3.88 million to progress its Yidby Gold and Copper Hill projects in Western Australia and continue exploration across its broader portfolio.
The offer entitles eligible shareholders to subscribe for two new fully paid ordinary shares for every three shares held as of the record date of May 29, at an issue price of $0.002 per share. It includes a top-up facility allowing eligible shareholders who take up their full entitlements to apply for additional shares in the offer.
Participants will also receive one free bonus share for every four new shares subscribed for, as well as one free-attaching option for every new share subscribed for. The options are exercisable at $0.004 and expire two years from their issue date (expected to be July 1, 2027).
Surefire has engaged Sanlam Private Wealth Pty Ltd as lead manager on the shortfall offer. Sanlam will receive a $15,000 fixed fee, a 6% fee on the amount raised and 60 options for every dollar raised, on the same terms as those issued to participants.
The entitlement offer opens on June 3, and eligible shareholders have until 5 pm AEST on June 24 to participate. New shares and options are expected to be issued by July 1, with the bonus shares and options following shortly after.
Backing exploration momentum
Surefire plans to use the proceeds to advance exploration and development at two of its key gold and base metals projects: the Yidby Gold Project, in WA’s Murchison region, and the Copper Gold Project, in the highly prospective Ashburton Basin.
Both assets are considered core to Surefire’s growth plans, offering exposure to gold and critical base metals at a time of strong interest in Western Australia’s exploration potential.
Funds will also support ongoing work across the company’s other 100%-owned tenements, including the high-profile Victory Bore vanadium-titanium-iron project – previously the subject of strategic partnership interest from international players.
In addition, funds will go towards general working capital and the costs of the offer itself. Notably, the board has left scope to allocate capital towards assessing and potentially acquiring additional projects, if attractive opportunities emerge.