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BCI completes institutional raise

BCI completes institutional raise

Photo by Bloomberg

16th September 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed BCI Minerals has completed the institutional component of its entitlement offer, raising an initial A$20.8-million.

BCI earlier this week announced plans to raise A$48-million through a fully underwritten one-for-two accelerated and non-renounceable entitlement offer, to allow for the start of early construction at its Mardie salt and potash project, in Western Australia.

The company on Wednesday said that some 86.7-million new fully paid ordinary shares would be issued under the institutional component of the offer, priced at 24c a share.

The company’s largest shareholder, Wroxby, has applied to take up its full pro rata entitlement of some A$14-million, with other large shareholders, who collectively hold a 14% interest in the company, also taking up their pro rata entitlements totalling approximately A$6.9-million.

The new shares are expected to start trading on Wednesday.

Meanwhile, the retail component of the entitlement offer will open on September 18, and will close on October 6.

Edited by Creamer Media Reporter

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