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Highlights
- Carbonxt has extended the closing date of its non-renounceable entitlement offer to 17 January 2024.
- Under the rights issue, eligible shareholders can apply for one share for every nine shares held at AU$0.06 offer price.
- The company seeks to raise AU$1.84 million through the entitlement offer.
Carbonxt Group Limited (ASX: CG1) has extended the closing date of its non-renounceable entitlement offer to 17 January 2024 from 3 January 2024. The date has been extended to provide more time to eligible shareholders to participate in the offer.
Details of the entitlement offer
On 4 December 2023, the company had announced a capital raise of AU$2.94 million through a combination of placement and entitlement offer. Through the placement, CG1 raised AU$0.6 million. Details here.
The pro-rata entitlement offer allows eligible investors to apply for one share for every nine shares held at the offer price of AU$0.06 per share. Through the offer, the company seeks to raise AU$1.84 million and issue up to 30,588,764 new shares.
The proceeds from the capital raise will be used to fund the development of the Kentucky facility.
Revised timetable of the offer
With the change in the closing date of the offer, the dates of other events have also changed. The shares are expected to be issued on 23 January. On the next day (24 January), trading of the new shares is expected to commence on ASX.
CG1 shares last traded at AU$0.065 apiece on 22 December 2023.