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PURSUIT MINERALS LTD — Capital/Financing Update 2020
Nov 12, 2020
65626_rns_2020-11-12_9f5a9a41-76ef-4739-a6d4-aca87a4d1115.pdf
Capital/Financing Update
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13 November 2020
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Pursuit completes Rights Issue – Shortfall Notification
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Pursuit Minerals Limited (ASX: PUR , Pursuit or the Company ) has completed a capital raising comprising a Placement and subsequent fully underwritten 2 for 7 pro-rata non-renounceable Rights Issue (“Rights Issue”) to raise a total of $2,012,703 (before costs).
The Company raised $596,000 through a placement pursuant to Section 708 of the Corporations Act at an issue price of $0.009 (0.9 cent) per share ( see ASX Announcement dated 20 October 2020 ).
The Rights Issue made pursuant to the Offer Document dated 19 October 2020 closed on 10 November 2020. The Rights Issue offered 157,411,423 New Shares on the basis of two (2) new shares for every seven (7) ordinary shares held by Shareholders at the Record Date at an issue price of $0.009 (0.9 cents). A total of 84,236,418 shares (representing a 54% take-up) have been subscribed for raising gross proceeds of $758,129.31 leaving a shortfall of $653,870.69.
In conjunction with the underwriter (CPS Capital Pty Ltd), the Company allocated a portion of shortfall applications to existing shareholders. The remaining shortfall is being managed by the underwriter in accordance with the terms of the underwriting agreement. All shares will be issued by 17 November 2020. All refund cheques in relation to applications that were not accepted by the underwriter will be sent out early next week.
The Placement and Entitlement Offer will enable the Company to advance its projects in Australia and Scandinavia, together with working capital and funding for potential new opportunities.
This announcement has been approved by the Board of Directors of the Company.
For more information about Pursuit Minerals and its projects, contact:
Mark Freeman Jeremy Read CEO Technical Director E: [email protected] E: [email protected] T:+ 61 412 692 146 T: + 61 447 379 744
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Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR PO Box 214, West Perth, WA 6872 | Suite 4, 246-250 Railway Parade, West Leederville WA 6007 T + 61 8 6500 3271 | [email protected] | www.pursuitminerals.com