Chase Mining Corporation Ltd (ASX:CML) has boosted its cash balance by $570,000 through a share purchase plan (SPP) that closed on Monday, November 15, 2021.
Funds will be applied to committed expenditure on the option agreements entered into on the Hawkwood Project and Prophet Resources tenements as well as working capital requirements.
Under the terms of the SPP, eligible shareholders were entitled to be issued up to $30,000 worth of shares in the company at $0.016 per share.
Average application of $18,000
Chase Mining received valid applications from 32 eligible shareholders for a total value of $570,000 and an average application amount of approximately $18,000.
The issue price of $0.016 represents an 8% discount to the volume weighted average market price of the company’s shares calculated over the last five days on which sales in the shares were recorded before the SPP was announced on October 27, 2021.
CML expects the SPP shares to be issued on Monday, November 22, 2021, and to commence trading on ASX on Tuesday, November 23, 2021.