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HILLGROVE RESOURCES LIMITED — Capital/Financing Update 2021
Feb 10, 2021
65051_rns_2021-02-10_69039218-76b3-4722-9c28-000619acd727.pdf
Capital/Financing Update
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Thursday, 11 February 2021
ENTITLEMENT OFFER CLOSES OVER SUBSCRIBED
Hillgrove Resources Limited (ASX:HGO) (the Company) is pleased to announce that the Company’s pro-rata non-renounceable entitlement offer (Offer) has closed over-subscribed, with the details as follows:
| **Description ** | Shares | A$ |
|---|---|---|
| Rights Entitlement Acceptances | 57,184,431 | $1,772,717 |
| Oversubscriptions | 51,299,254 | $1,590,277 |
| Total Shares Subscribed | 108,483,685 | **$3,362,994 ** |
| ScaleBack | (18,393,144) | ($570,187) |
| Total Shares Issued | 90,090,541 | **$2,792,807 ** |
Under the terms of the Offer, Shareholders were entitled to subscribe for 1 new share for every 6.5 shares held to raise approximately $2.8 million. Eligible Shareholders were also invited to apply for additional shares available in the Top Up Facility.
The Company is pleased to see that Shareholders made applications for more shortfall shares than what was available under the Top Up Facility and as a consequence, it was necessary for the Company to scale back applications for 18,393,144 additional shares. The scale back mechanism applied to those Shareholders that oversubscribed by greater than $5,000 under the Top Up Facility. In these cases, the applicant was scaled back to $5,000 plus their proportionate shareholding as at the Record Date.
Refunds in respect of scaled back applications under the Top Up Facility will be dispatched to Shareholders as soon as practicable.
New shares under the Offer are expected to be allotted on Monday 15 February 2021 and commence trading on the ASX on Tuesday 16 February 2021.
Hillgrove’s Managing Director, Lachlan Wallace said, “it is pleasing to see the strong support by our Shareholders in this Offer. We are very focused on the drilling and advancing of the technical and economic studies for the Kanmantoo Underground, and look forward to creating value for our Shareholders though the potential recommencement of copper and gold production in the short to medium term.”
IIII HILLGROVE RESOURCES LIMITED 5-7 King William Road, Unley SA 5061, Australia ACN 004 297 116
www.hillgroveresources.com T +61 8 7070 1698