PERTH (miningweekly.com) – Salt and potash developer BCI Minerals has completed the retail entitlement offer component of its one-for-two fully underwritten, accelerated non-renounceable entitlement offer, marking the completion of its A$47.9-million capital raise.
The company said that under the retail entitlement offer, subscriptions were received for some 23.5-million shares, at an issue price of 24c each, to raise A$5.5-million.
The remaining 89.2-million new shares that were not subscribed for under the retail entitlement offer will be allocated to sub-underwriters, raising a further A$20.6-million.
BCI previously revealed that its major shareholder Wroxby is acting as the sub-underwriter to the retail entitlement offer, and would be issued 62.2-million new shares. Fellow under-writer Ryder Capital Management will also be issued up to 24.9-million shares, while Sandon Capital will be issued with up to 2.1-million new shares.
Funds from the capital raise will go towards the start of early construction work and the order of long lead items for the Mardie salt and potash project, in Western Australia.