PERTH (miningweekly.com) – The Foreign Investment Review Board (FIRB) has given its blessing to Cobar Consolidated Resources’ (CCR’s) shareholder Magna Resources Corporation to increase its stake in the ASX-listed firm.
Magna was fully underwriting a A$12-million entitlement offer, which was currently under way.
In April, CCR announced that it would undertake a A$12.2-million renounceable entitlement offer to support its working capital position and scheduled repayments of its banking facilities.
CCR entered into an underwriting agreement with 19% shareholder Magna to underwrite the two-for-five entitlement offer, allowing Magna the right to appoint a nominee to the company’s board, following the completion of the offer.
FIRB approval was a condition of the entitlement offer.