MZI forced to restructure placement
PERTH (miningweekly.com) – Mineral sands developer MZI Resources has been forced to restructure its A$45-million capital raising after the ASX flagged an issue.
Major shareholder Resource Capital Fund (RCF) had previously provided a written commitment to acquire some A$20.6-million worth of shares during the placement.
However, the ASX informed MZI that prior shareholder approval would be required for the RCF placement.
MZI had now made some adjustments to the three tranches comprising the placement, including decreasing the first tranche from 12.5-million shares to 8.7-million shares.
The first tranche, in which RCF would not participate, would be issued within MZI’s current 15% placement capacity and would not require shareholder approval.
The second tranche placement has been increased from the initial 66.3-million shares to 67-million shares, with RC subscribing for some 20.7-million of these shares. The second tranche placement would have to be approved by shareholders at an annual general meeting on November 24.
The third tranche of shares, which previously comprised 28-million shares, would now consist of 31.1-million shares, and would be issued to RCF subject to the successful completion of the second tranche placement and the approval of MZI shareholders.
A separate shareholder meeting would be convened to vote on the third-tranche placement.
The funds raised through the placement would be used to repay existing bridge loan facilities and to fund working capital.
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