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Red 5's SPP exceeds expectations

2nd November 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Gold miner Red 5’s share purchase plan (SPP), which was announced at the start of October as part of a larger capital raise, has exceeded expectations.

The ASX-listed company on Tuesday said that it had received applications for more than 55.65-million shares under the SPP, for gross subscription proceeds of A$8.9-million. This was well above the A$6-million target set in October.

The directors have decided to accept oversubscriptions to the full amount subscribed.

The SPP is in addition to a A$60-million capital raise to fund the ramp-up of the King of the Hills gold mine, in Western Australia, under which 375-million shares were placed at a price of 16c a share.

Edited by Creamer Media Reporter

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