Pioneer Resources (ASX:PIO) has completed its oversubscribed share purchase plan (SPP) which raised $4.37 million by issuing 312.36 million shares.
The SPP followed the successful completion of a share placement in mid-September, which raised $1.055 million.
Additionally, all company directors committed to a share placement for a further $245,000 on the same terms and conditions which is subject to shareholder approval.
Approval will be sort at the upcoming annual general meeting on 21 November 2017.
The total raised in the placements and SPP totals over $5.6 million.
SPP had to be scaled back
Pioneer received valid SPP applications from eligible shareholders for a total of circa $4.7 million.
Pursuant to the terms and conditions of the SPP valid applications were managed on a first in, first served basis.
In light of the overwhelming demand, the board resolved to increase the SPP limit to the maximum permitted under the ASX Listing Rules of $4.37 million.