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DEVEX RESOURCES LIMITED — Capital/Financing Update 2023
Nov 7, 2023
64768_rns_2023-11-07_7d7bde2b-ea98-4acd-ac4a-98af4908d0c1.pdf
Capital/Financing Update
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ASX Announcement 8 November 2023 ASX:DEV
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Results of Entitlement Offer
DevEx Resources Limited (ASX: DEV) ( DevEx or the Company ) advises that the one (1) for ten (10) pro-rata non-renounceable entitlement offer to raise approximately $11.1 million (before costs) ( Entitlement Offer ) closed on Friday, 3 November 2023.
Valid applications were received for 16,946,287 New Shares, for a total subscription amount of $5,083,886.
In accordance with the Underwriting Agreement, the Underwriter has subscribed or procured subscriptions for the shortfall under the Entitlement Offer.
The New Shares under the Entitlement Offer are expected to be issued on Friday, 10 November 2023, with normal trading of New Shares expected to commence on Monday, 13 November 2023.
DevEx’s Managing Director, Brendan Bradley said:
“The proceeds of the Entitlement Offer, together with those from the Placement completed in October, bring the total amount raised to approximately $21.1 million (before costs). This puts the Company in a very strong financial position with cash of approximately $27.5 million[1] , to aggressively pursue exploration activities across its project portfolio, particularly our uranium and rare earths discoveries in the Northern Territory and Queensland respectively.”
“On behalf of the Board, I would like to thank shareholders for their support of the Entitlement Offer and Bell Potter who acted as Lead Manager and Underwriter.”
This announcement has been authorised for release by the Board.
For further information, please contact: For media inquiries, please contact: Brendan Bradley, Managing Director Nicholas Read DevEx Resources Limited Read Corporate Telephone: +61 8 6186 9490 Telephone: +61 8 9388 1474 Email: [email protected] Email: [email protected]
For media inquiries, please contact:
1 Based on cash at 30 September 2023 and net proceeds received from Placement and to be received from Entitlement Offer.
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Level 3, 1292 Hay Street West Perth, WA 6005 Australia GPO Box 2890, Perth, WA 6001 Australia
DevEx Resources Limited ABN 74 009 799 553 devexresources.com.au
+61 (0) 8 9322 3990 [email protected]