The company has received obligations to raise a minimum of $1million to existing sophisticated and institutional investors at 0.15 cents per share, and for the Major shareholder, Drake Special Situations LLC is participating on a prorated basis. As per the announcement it has received commitments to raise a minimum of $1,000,000 through placement of a minimum of 6,666,666 new shares to existing sophisticated and institutional investors at 15 cents per share.
Based on one option for every two new shares issued at $0.20 the company will also issue a minimum of 3,333,333 free attaching options with a maturity date of 20 December 2020 under the company´s existing 15% capacity. For the Três Estados and Ema projects funds raised will be for general working capital purposes associated with finalizing the development of a metallurgical extraction process, ongoing analytical technique development, finalization of the trial mining licenses and planning for the design and construction of a semi-commercial pilot plant.
With Drake Special Situations LLC again demonstrating their significant ongoing support the Company’s top five shareholders strongly supported the placement. BBX CEO Mr. Jeff McKenzie said while commenting on the successful raising ‘the company is delighted with the continued support they have received from existing shareholders in the Placement, especially from our five largest shareholders and the continued support of Drake Special Situations LLC has again been instrumental in the success of the placement. With completion expected by late December 2018, the company expects the Placement will be settled progressively.
BBX minerals limited has gone down by 5.405% and saw a daily price change of $0.010 and is at $0.175. During the last three months, the stock has performed well and seen a performance change of 54.17%. The 52-week high is of $0.360, and 52-week low is $0.120. At the current market price, the market capitalization is $73.51 million.