Yandal Resources Ltd (ASX:YRL) has launched a pro-rata non-renounceable rights offer to raise up to $6.8 million to accelerate exploration across its portfolio of gold projects in Western Australia.
The offer entails the issues of up to 16.96 million new shares on the basis of one new share for every six shares held at an issue price of 40 cents per share.
It also includes 8.4 million new options on the basis of one free attaching new option for every two new shares issued at an exercise price of 65 cents and an expiry date of December 31, 2022.
Funds raised under the offer will be used for accelerated exploration on the company's projects, as additional working capital and to meet offer expenses.
Offer summary
The offer will be made by a prospectus and is not underwritten, with the minimum subscription being $1.
Panthea Capital Pty Ltd has been engaged to place any shortfall on a best endeavours basis.
Offer timetable.
About the company
Yandal Resources Ltd (ASX:YRL) is a gold exploration company with a portfolio of advanced gold projects in the highly prospective Yandal and Norseman-Wiluna greenstone belts.
The company’s strategy is to aggressively explore a number of highly prospective areas within its projects to make multi-million ounces discoveries.