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CZR RESOURCES LTD — Capital/Financing Update 2022
Nov 9, 2022
64748_rns_2022-11-09_d61d8dd1-959c-4454-87e8-bd3d538ad63b.pdf
Capital/Financing Update
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CZR Resources Ltd
ABN: 91 112 866 869 Suite 9, Level 3, 47 Havelock St West Perth, Western Australia 6005 PO Box 16 West Perth WA 6872 Phone: +61 8 9468 2050 Email: [email protected] Website: www.czrresources.com
The Company Announcements Office, ASX Limited
10 November 2022
Entitlement Offer Closes
Proceeds further underpin growth strategy at Pilbara iron ore and gold projects
CZR Resources Ltd (ASX:CZR) ( Company ) advises that the recent entitlement issue announced on 5 October 2022 on the basis of 1 new fully paid ordinary share for every 5 shares held, at an issue price of $0.012 ( the Entitlement Offer ) closed on 3 November 2022 ( Closing Date ).
The Company is pleased to advise that it has received applications in respect to 326,930,161 shares for a total of approximately $3,923,162 in regards to the Entitlement Offer and Shortfall Offer ( New Shares ).
The Offer received strong support from shareholders, in particular the company’s largest shareholder Mark Creasy, who subscribed for approximately $2.1m of New Shares, maintaining a share holding of 55.1% in CZR.
CZR Managing Director Stefan Murphy said: “On behalf of the Board, I thank shareholders for the strong support they have shown for CZR’s strategy to grow its Pilbara iron ore and gold projects.
“The proceeds of the rights issue further underpin our plan to generate value for shareholders and will be used to advance the DFS on an expanded mine plan and the targeted production rate at our Robe Mesa iron ore project and the upcoming gravity survey and drilling at our Croydon gold project,” Mr Murphy said.
The new shares will be issued today.
The Directors continue to reserve the right, subject to the requirements of the Listing Rules and Corporations Act, to place any of the remaining 370,334,213 Shortfall Shares at their discretion within 3 months of the Closing Date in accordance with the Entitlement Offer.
CZR Resources Ltd
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The breakdown of applications were as follows:
| Shares | FundsRaised(A$) | |
|---|---|---|
| Applications under entitlement component of the Entitlement Offer | 290,135,025 | $3,481,620 |
| Applications under Shortfall Offer component of the Entitlement Offer | 36,795,136 | $441,542 |
| Remaining Shortfall Shares to be placed by the Directors at theirdiscretion | 370,334,213 |
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This announcement is authorised for release to the market by the Board of CZR Resources Ltd.
For further information, contact:
Stefan Murphy Managing Director CZR Resources Ltd +61 8 9468 2050
Media Paul Armstrong Read Corporate +61 8 9388 1474
CZR Resources Ltd
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