Highfield Resources Ltd (ASX:HFR) has extended the closing date of a $4 million share purchase plan (SPP) by a week to Friday, September 3, 2021.
This has been done to provide an opportunity to eligible shareholders facing COVID-19 related restrictions to participate in the offer.
According to the company, the ongoing COVID-19 lockdown restrictions in NSW, Victoria and the ACT are presenting difficulties for many shareholders in accessing physical documentation.
Full terms and conditions of the offer are included in the SPP Booklet released on August 17, 2021 and circulated to eligible shareholders.
Rasing $4 million through SPP
Earlier this month, the company launched the SPP to raise up to $4 million from eligible shareholders.
The SPP has the same price as the recent placement to institutional and sophisticated investors that raised approximately $15 million.
Highfield is a potash company focused on developing its flagship low-cost, low-Capex Muga Project in Spain.
Investors can acquire a minimum of $1,000 and up to, in aggregate, $30,000 of shares at an issue price of $0.52 per share free from any brokerage or transaction costs.
The issue price represents:
- A 9.6% discount to $0.575 being the volume-weighted average price of shares traded on the ASX over the five trading days up to, and including, Wednesday, August 4, 2021, which was the last day of trading of shares on the ASX prior to Highfield's announcement of the offer; and
- An 8.0% discount to the last closing price of $0.565 per share on Wednesday, August 4, 2021.