Suvo Strategic Minerals Ltd (ASX:SUV) has extended the closing date of its Share Purchase Plan (SPP) until April 29 2022.
Under the offer, eligible shareholders can acquire between A$2,500 (minimum) and A$30,000 (maximum) worth of shares at an issue price of $0.085 per share.
Investors are invited to apply for one free attaching option for every three shares subscribed for in the offer, with each option having an exercise price of $0.15, exercisable on or before June 30 next year.
Suvo announced on March 7 that it was raising up to $10 million to accelerate the expansion of the Pittong hydrous kaolin plant.
The $5 million upgrade is forecast to increase annual processing capacity to around 60,000 tonnes by 2023.
Read: Suvo Strategic Minerals raising up to $10 million to accelerate Pittong kaolin expansion
The company received firm commitments to raise up to $7.5 million in the initial placement, with the SPP expected to raise a further $2 million on the same terms as the placement.
There will be no oversubscriptions under the SPP.
Key dates include:
- Offer closing date (5.00pm AWST) April 29
- Announcement of results of offer May 2
- Issue of new shares May 3
- Commencement of trading of new shares May 4
- Despatch of options prospectus May 4
- Options offer opening date May 5
- Options offer closing date (5.00pm AWST) May 16
- Issue of SPP options May 17.