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Enterprise Metals Limited (ASX:ENT) has announced that it will be offering an opportunity to its shareholders to apply under the SPP for up to $15,000 worth of Shares at an issue price of $0.01 per Share (Issue Price), a 10% discount to the volume weighted average price (VWAP) of its shares as traded on the Australian Securities Exchange over the 5 days prior to the announcement of this SPP.
The existing eligible shareholders of the company shall have the opportunity to subscribe to a maximum of $15,000 of new shares and a minimum of $2,000 of new shares, via the SPP.
The shareholders shall be eligible to participate in the SPP if they have a registered address in Australia or New Zealand, or any other jurisdiction wherein the reasonable opinion of the Company it is lawful and practical for the Company to offer Shares as at 5 pm (WST) on 21 February 2019.
The funds which are being raised by the company through this share placement programme shall be employed for the purpose of exploration of the of the Companyâs 100% owned Murchison Project in Western Australia, which is considered prospective for both gold and copper/zinc, and for working capital.
The company will apply for the official quotation of the new shares on the exchange, which will rank pari-passu with the existing fully paid ordinary shares. The record date to determine the eligibility to participate in the Share placement programme was 21 February 2019. The offer will open & the Offer Document & Application Form shall be dispatched from the 26 February 2019. The SPPâs closure of the offer & the last date to receive applications and payments has been determined to be 22 March 2019. The date of issuance of these shares and the official quotation on the exchange is slated to happen on the 29 March 2019.
The management has in the letter stated towards the shareholders of the company has cautioned them to read the enclosed terms and conditions along with the SPP offer before taking any decision regarding the subscription of the shares. They have further stated that if the shareholders are uncertain whether these shares are a suitable investment for them, then in such case the investors should consult their financial or other professional advisers.
Now, let us have a quick look at Enterprise Metals Limitedâs stock performance and the return it has posted over the last few months. The stock is currently trading at a price of $0.009, trading down by 25 % during the dayâs trade with a market capitalisation of ~$4.66 Mn. The counter opened the day at $ 0.009, which was also the dayâs high with a daily volume of 6,800. The stock has provided a Year Till Date return of 9.09% & also posted returns of -36.84%, 9.09% over the past six months and three months period respectively. It had a 52-week high price of $ 0.028 and touched 52 weeks low of $ 0.007, with an average volume of 234,468 approximately.
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