OzAurum Resources Ltd (ASX:OZM) has raised $2 million in an underwritten share purchase plan (SPP) which will enable the company to continue exploring the Mulgabbie and Patricia gold projects in Western Australia’s Goldfields.
The company is pleased with the response to the SPP that was underwritten by Canaccord Genuity (TSX:CF, LSE:CF) (Australia) Limited.
Applications were received for 4,661,753 new shares totalling $745,880 with all valid applications from eligible shareholders accepted in full.
Directors participate
Showing their confidence in the company and its projects, all OZM directors participated, with chairman Jeff Williams and CEO Andrew Pumphrey taking up their full allocation of $30,000.
The SPP, which was announced on the ASX on May 31, 2022, closed at 5.00pm (AEST) on Thursday, June 23, 2022.
It was available to all eligible shareholders who were on the register as at 7.00pm (AEST) on Monday, May 30, 2022, with a registered address in Australia or New Zealand.
Eligible shareholders were invited to subscribe for up to $30,000 worth of new fully paid ordinary shares in the company at an issue price of $0.16 per new share.
“Strong investor support”
CEO and managing director Andrew Pumphrey said: “We are delighted to report that the SPP, was completed with strong investor support.
“We would like to thank existing shareholders who have increased their shareholding - demonstrating both confidence in our exploration program and the potential of our advanced gold projects.
“This raising ensures that OzAurum will be well funded to continue our exploration program at both the Mulgabbie and Patricia gold projects, which we believe will have significant potential to create further value for all of our shareholders.
“Lastly, we would like to thank Canaccord for acting as OzAurum’s lead manager and underwriter.”
Underwritten by Canaccord
The SPP was underwritten to $2 million by Canaccord Genuity (Australia) Limited. A total of 7,838,247 new shares totalling $1,254,120 will be placed with the underwriter.
Allotment of the new shares is scheduled for Thursday, June 30, 2022, and the new shares are expected to be quoted on the ASX on Friday, July 1, 2022, with the holding statements expected to be dispatched on the same day.
New shares issued under the SPP will rank equally in all respects with OzAurum’s existing ordinary shares.
About OzAurum
OzAurum Resources is a Western Australian gold explorer with advanced gold projects located 130 kilometres northeast of Kalgoorlie.
The company’s objective is to make a significant gold discovery that can be brought into production.