Flinders Mines Limited (ASX:FMS) notified the market to undertake non-renounceable entitlement offer to raise nearly $5.5 million.
The offer shall comprise the issue of around 425,895,854 new fully paid ordinary shares based on one new share for every nine existing shares that eligible shareholders hold.
The offer price of 1.3 cents or $0.013 per share is a discount of nearly 47.6 per cent to the 10-day VWAP (volume weighted average price) of FMS shares for the period ending 13 May 2020.
The proceeds will be utilized to pay the balance of $7 million unsecured loan from PIO Mines Pty Ltd.
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