Cervantes Corporation Ltd (ASX:CVS) expects to be reinstated to Official Quotation on the Australian Securities Exchange (ASX) at the start of trading at 10:02:15 am AEST on Friday, June 4, 2021, following recent capital raisings.
CVS raised $3,366,512 pursuant to an entitlement offer and placements under its prospectus dated April 16, 2021.
Funds raised will go towards exploration work, particularly two reverse circulation (RC) drilling programs at Primrose Gold Project in the Paynes Find Goldfield of Western Australia, as well as continuing to seek other opportunities in the sector.
Capital raising
The following securities have been issued:
➢ 268,004,155 shares at an issue price of $0.003 per share and 134,002,075 free-attaching quoted options exercisable at $0.01 on or before May 20, 2024;
➢ 750 million shares at an issue price of $0.003 and 375 million free-attaching options exercisable at $0.01 on or before May 20, 2024; and
➢ 625 million options under the option placement offer at an issue price of $0.0005 per option.
Board changes
The company also recently welcomed Robert Downey as non-executive chairman and Matthew O’Kane as a non-executive director.
Downey, a barrister and solicitor in WA, who has practised as a corporate and commercial lawyer for more than 20 years, advises a wide range of public and private companies as well as high net worth individuals in relation to commercial and corporate transactions.
He has been a director of many public listed and private companies with particular experience in relation to day-to-day listing rule compliance, disclosure and governance issues.
O’Kane is an experienced mineral industry executive and company director with 25 years of experience in the mining, commodities and automotive sectors.
He has held senior leadership roles in Australia, the USA and Asia, in both developed and emerging markets.