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Great Boulder Resources completes oversubscribed entitlement offer to advance WA gold projects

Earlier this month the company received firm commitments for a capital raising of $2.3 million which also included a $1.33 million placement.

Great Boulder Resources Ltd - Great Boulder Resources completes entitlement offer to advance gold projects at Side Well and Whiteheads in WA
Great Boulder is a mineral exploration company with projects in the Yilgarn region of Western Australia

Great Boulder Resources Ltd (ASX:GBR) has completed an oversubscribed non-renounceable entitlement offer of one share for every six shares held by eligible shareholders with applications received for shares valued at more than $1.236 million.

The company thanks shareholders for their continued support following the close on September 11 with the offer at an issue price of 4.3 cents per share being oversubscribed to the tune of almost $280,000.

Eligible shareholders who applied for their full entitlement under the entitlement offer were also able to apply for new shares in excess of their entitlement, through a shortfall offer.

Offer results

The results of the offer are as follows:

Directors have elected to allocate the shortfall pro-rata to shareholders who applied for shares in excess of their entitlement, in exercise of their discretion in accordance with the allocation policy set out in section 2.11 of the company’s entitlement offer prospectus dated August 13.

Excess applications will be refunded to shareholders without interest.

Additionally, Great Boulder will issue 1,420,457 fully paid ordinary shares via its placement capacity under Listing Rule 7.1 to the underwriter’s sophisticated and professional investors at an issue price of 4.3 cents.

Aggressive exploration program

Funds raised will be used for an aggressive exploration program focused on the company’s gold projects at Side Well and Whiteheads, including:

  • An initial 2,000-3,000 metres RC program extending known gold hits at the Mulga Bill prospect;
  • An aircore program to be drilled as soon as possible after the RC, infilling the 400-metre gaps in drill coverage at Mulga Bill;
  • Additional aircore drilling to extend targets at Whiteheads, including the Blue Poles prospect at Arsenal;
  •  A large-scale soil sampling program over Mulga Bill, as well as sub-cropping areas along the east side and northern end of the Side Well project; and
  • Follow-up RC and aircore drilling at Side Well and Whiteheads following results of these initial programs.

Quick facts: Great Boulder Resources Ltd

Price: 0.05 AUD

ASX:GBR
Market: ASX
Market Cap: $9.4 m
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