Equus raises cash
PERTH (miningweekly.com) – ASX-listed Equus Mining will raise A$7.5-million in a share placement and share purchase plan (SPP).
Equus on Friday announced that it would place more than 636.3-million shares, at a price of 1.1c each, to new and existing institutional and sophisticated investors, to raise an initial A$7-million.
The placement will be done in two tranches, with the first tranche of 431.3-million shares to be placed under the company’s existing placement capacity, while the second tranche of 204.9-million shares would be subject to shareholder approval.
In addition to the placement, Equus will also undertake an SPP allowing shareholders the opportunity to subscribe for up to A$30 000 worth of new shares. The SPP will be capped at A$500 000.
The SPP is currently scheduled to close on June 11.
Funds raised in the placement and SPP will be used to fast-track Equus’ dual track strategy towards production, funding greenfield and brownfield drilling programmes, progressing a mine restart and ore sorting studies for its project in Chile.
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