Australian explorer, King River Resources Limited (ASX: KRR) has provided an update on a Security Purchase Plan (SPP) previously announced on 23 June 2020.
The offer allows each existing shareholder to purchase additional shares in the Company worth up to $30,000, and according to the new update:
- SPP will now be limited to 20% of issued capital rather than 30%.
- The offer for every two shares issued will now incorporate one free attaching option, having an exercise price of $0.06 and an expiry date of 31 July 2022, rather than one free attaching option for every three shares issued.
The issue price for each share remains at $0.033 under the SPP offer, due to open on 14 July 2020 and close on 14 August 2020.
The Company intends to use the proceeds towards funding the ongoing development and exploration of its projects along with general working capital.
KRR stock was trading upward by 6.061% to $0.035 on 10 July 2020 (AEST 12:16 PM).
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