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Biriman is engaged into exploration and minerals development. The company is advising it had received commitments to raise $5.95 million through the issue of 35,000,000 fully paid ordinary shares at $0.17 per share, with the company issued 25,588,236 Shares on that date placement funds of $4.35 million settled on 21 December 2018. Birimian Limited refers to previous announcements on 14 December 2018 and 21 December 2018 and its prospectus dated 21 December 2018.
With the investor agreeing to provide evidence of transferring $1.6 million by 28 December 2018, the balance of the placement was agreed to be taken up by a Chinese based sophisticated investor introduced by Ironside Capital. With Birimian retaining its rights accruing before the termination, the evidence of transfer timely of funds was not provided and as a result of the placement agreement automatically terminated.
The companyâs Ironside Capital and Hartleys Limited, have secured new commitments for $0.9 million, with assistance from the Joint Lead Managers to the raising such that the placement will now raise a total of $5.25 million. From directors of the Company or their associated entities, the new commitments include $0.3 million.
However, shareholder approval is required for this portion of the placement, and this approval will be sought at a meeting of Birimian shareholders to be held in mid-February 2019. On or before 9 January 2019, settlement of non-Director commitments is likely to occur.
To achieve its stated program of works at its exciting Goulamina Lithium Project, funds raised under the Placement will ensure that the company remains well funded. In filling the shortfall around the Christmas period, the company wishes to thank the Joint Lead Managers for their hard work.
The closing date under the Prospectus will be extended to 28 February 2019, with the additional time required to complete settlement of all Shares under the Placement. As contemplated the proposed 1:20 entitlements issue will proceed in mid-January.
Birimian Limited (ASX:BGS) is currently up by 3.125% and is trading at $0.165 but is still near its 52-week low. The stock has seen a massive fall in the past year of around -79.75%, and the market cap at the current market price is at $41.46 million.
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