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WESTAR RESOURCES LIMITED — Capital/Financing Update 2024
May 14, 2024
66085_rns_2024-05-14_79a21cc1-65ce-409b-8a89-534c859e9ecb.pdf
Capital/Financing Update
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ASX Announcement
15 [th] May 2024
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COMPLETION OF ENTITLEMENT OFFER AND NOTIFICATION OF SHORTFALL
Westar Resources Limited (ASX: WSR ) ( Westar or the Company ) wishes to announce the results of the pro rata non-renounceable entitlement offer to eligible shareholders (Entitlement Offer) announced on 26 April 2024, which closed on 10 May 2024.
The Company received valid applications from eligible shareholders on a pro-rata entitlement basis and eligible investors invited by the Company, to subscribe for a total of 28,367,297 new fully paid ordinary shares (New Shares) under the Entitlement Offer or shortfall offer raising approximately $0.28 million, before costs.
The New Shares not taken up by eligible shareholders under the Entitlement Offer are capable of being placed by the Company for a period of 3 months at the discretion of the Board.
Proceeds of the Entitlement Offer will be applied towards costs of the Offer, cost of option to acquire the Uley North Project, exploration at existing projects, exploration at the Uley North Project and working capital.
The Entitlement Offer was offered to all shareholders on the register of members at the Record Date, being 5:00 pm (AWST) on 22 April 2024.
The Entitlement Offer was on the basis of one (1) New Share for every two (2) shares held at an issue price of $0.01 to raise up to A$0.926 million (before costs).
The results of the Entitlement Offer are as follows:
| Total shares offered (with rounding): | 92,678,647 |
|---|---|
| New Shares accepted: | 16,614,233 |
| Shortfall to be allocated: | 11,753,064 |
| Total funds raised | $283,672.97 |
The Board wishes to thank all shareholders for their participation and ongoing support.
Holding statements will be dispatched and the New Shares will be issued to shareholders taking up their entitlements on 17 May 2024, as per the timetable in the Offer Document.
Westar Resources Limited | ACN 635 895 082 | ABN 66 635 895 082 Level 1, 19 Ord St, West Perth, WA 6005 | PO Box 814 West Perth, WA 6872 +61 08 6556 6000 | [email protected] | www.westar.net.au
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ASX ANNOUNCEMENT ASX: WSR
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Yours faithfully, Ben Donovan Company Secretary
About Westar Resources
Westar Resources is a Perth-based mineral exploration company focused on creating value for shareholders through the discovery and development of high-quality gold and critical minerals. Westars’ projects are strategically located in the highly prospective Pilbara, Murchison and Yilgarn regions of WA as well as the Eyre Peninsular of SA, with projects near Nullagine, Mt Magnet, Cue, Southern Cross, Sandstone and Port Lincoln. Our exploration strategy is to explore projects systematically and intelligently using innovation, technology, and best-practice with a clear focus on optimising opportunities for success and generating material discoveries.
For the purpose of Listing Rule 15.5, this announcement has been authorised by the board of Westar Resources Ltd.
ENQUIRIES
Lindsay Franker , Executive Director | [email protected] | Ph: 08 6556 6003
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