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Highlights
- The AU$180,000 placement was oversubscribed by AU$200,000.
- MTB will issue additional shares under listing rules 7.1 and 7.1A.
- The shares from the placement are expected to be issued on or before 11 June 2024.
Mount Burgess Mining NL (ASX: MTB) has reported that its placement, initially set to raise AU$180,000, was oversubscribed by an additional AU$200,000. This demonstrates shareholder confidence in the company.
To accommodate the oversubscription of additional 133,333,333 shares, the company will proceed as follows-
- Under listing rule 7.1, 156,722,018 shares will be issued at AU$0.0015 per share.
- Under listing rule 7.1A, 96,611,315 shares will be issued at AU$0.0015 per share.
The shares are anticipated to be issued by 11 June 2024, at the latest.
Background of the placement
On 3 June 2024, MTB announced it had received firm commitments from shareholders to raise AU$180,000 at an issue price of AU$0.0015 per share. The issue price stands at a 25% discount compared to the last trading price.
The lead manager for this placement is GBA Capital, which will receive a 6% commission and 5,000,000 unlisted share options, subject to shareholder approval. The exercise price of these option will be AU$0.005, and they can be exercised at any time within two years of issue.
MTB shares last traded at AU$0.002 apiece on 29 May 2024.
