PERTH (miningweekly.com) – ASX-listed Flinders Mines is hoping to raise A$9.4-million through a 1-for-25 non-renounceable entitlement offer.
The entitlement offer will consist of more than 134.6-million fully paid ordinary shares, priced at 7c each. The offer price represents a 23.7% discount to Flinder’s 30-day volume-weighted average share price, and a 16.7% discount to the company’s last closing price on June 22.
Flinders said on Monday that the proceeds from the raising would be used to repay a A$5-million unsecured loan from PIO Mines, a subsidiary of major shareholder TIO, at the end of August, as well as tenement maintenance expenses and costs of the offer.