Develop's capital raise firmly supported
PERTH (miningweekly.com) – ASX-listed Develop has received firm commitments to raise an initial A$37.2-million in a placement and institutional entitlement offer, as part of a larger A$50-million capital raise to fund the A$100-million acquisition of the Woodlawn copper project, in New South Wales.
Develop will raise an initial A$25-million through the placement of 7.6-million shares, while the institutional entitlement offer will comprise 3.7-million shares, to raise a further A$12.2-million.
"The strong demand for the raising and the premium price at which it was completed reflects the quality of the Woodlawn project, the attractive purchase price and the significant growth potential,” said Develop MD Bill Beament.
“We now look forward to unlocking the significant value in the asset through our extensive planned underground exploration program aimed at substantially growing the inventory.”
The fully underwritten retail component of the entitlement offer will open on February 24 and close on March 7. The 1-for-18.6 pro-rata accelerated non-renounceable entitlement offer will consist of 7.6-million shares and will raise a further A$25-million.
In addition to the placement and the entitlement offer, Develop intends to issue up to A$1-million of new shares to Develop directors. The director placement is not underwritten and will be undertaken at the same issue price as the equity raising. The director placement is subject to shareholder approval.
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