Although the Company has sufficient funds for its budgeted Zeus drilling programme and working capital requirements, the board agreed to offer shareholders the opportunity to participate in an SPP with the funds raised allowing the option to continue the May drilling at Alotta and/or Lorraine pending success.
Subscribing for shares
Under the SPP, eligible shareholders will be given the opportunity to purchase up to $30,000 worth of shares at 1.5 cents each without incurring brokerage or transaction costs.
Eligible Shareholders will be able to participate in the SPP by subscribing for shares in multiples of $6,000, subject to a scale back at the directors’ discretion and the listing rules.
The SPP is not underwritten.
An offer booklet for the SPP will be mailed to eligible shareholders on or around February 24, 2020 and the SPP offer will close on March 5.
The company will report the results of the SPP on March 9 and issue SPP shares on March 12 with the normal trading of SPP shares to commence on March 13.