Capricorn shakes the tin
PERTH (miningweekly.com) – ASX-listed Capricorn Metals has launched a A$10.1-million equity raising to support activities of its Karlawinda gold project, in Western Australia.
The company on Thursday said that it would undertake an accelerated pro-rata non-renounceable entitlement offer of one new share for every five shares held.
The offer will be priced at 6.5c a share, with some 156.1-million new shares on offer. The offer price represented a 19.6% discount to Capricorn’s theoretical ex-rights price, and a 22.6% discount to its last trading price.
Following the entitlement offer, the company would have some 936.5-million shares on issue.
“The equity raising represents another major milestone for Capricorn. This equity raising allows Capricorn to maintain exploration momentum at our Karlawinda gold project and to strengthen the balance sheet,” said non-executive chairperson Doug Jendry.
“We are also delighted to have the ability to provide existing shareholders the opportunity to invest further in Capricorn at this exciting time.”
The funds would allow Capricorn to progress work at the Karlawinda project, including the relocation of the recently acquired accommodation village and mining infrastructure facilities, and to continue exploration work.
The company earlier this week flagged an unsolicited takeover offer from a consortium comprising of Emerald Resources and Hawkes Point Holdings, which was rejected. However, the company has opened up its data rooms to other potential buyers.
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