Surefire Resources (ASX: SRN) announces capital raise of AU$4.62M to fuel WA projects

November 03, 2023 12:46 PM AEDT | By Sonal Goyal

Google News:

Surefire Resources (ASX: SRN) announces capital raise of AU$4.62M to fuel WA projects — Image source: Pixabay

Recent News

Woodside Energy (ASX:WDS) Expands LNG Supply With Long-Term Asia Pact...

Surefire Resources (ASX:SRN) Shares Soar on RC Drilling Update at Yidb...

WiseTech Slips on ASX 200 Amid Leadership Turmoil and Board Reshuffle

Dalrymple Bay (ASX:DBI) Stands Firm in the ASX 300 Energy Logistics Se...

Highlights

Surefire intends to raise up to AU$4.62 million via a placement and an entitlement offer.

The company has received firm commitments from sophisticated and professional investors.

Proceeds will be used to advance the Victory Bore and the High Purity Alumina Projects.

Surefire Resources NL (ASX: SRN) is undertaking a capital raising program of up to AU$4.62 million through a placement and a non-renounceable entitlement offer.

Under the placement, the company has received firm commitments from sophisticated and professional investors to raise AU$2 million. The entitlement offer would see the issue of one share for every eight shares held by the participant at the record date at an issue price of AU$0.011 apiece. The offer is expected to raise up to AU$2.62 million.

The funds raised would be used to advance the Victory Bore and the High Purity Alumina Projects and for continuous exploration and development of other 100% owned Western Australian projects.

Placement to raise AU$2 million

As a part of the placement, around 181.81 million shares will be issued at an issue price of AU$0.011 apiece. The placement also includes issuing one free attaching option against every share subscribed for and issued. The placement option issued will be exercisable at AU$0.019 apiece and will expire on 30 November 2026.

SP Corporate Advisory Pty Ltd (Spark) and Evolution Capital Pty Ltd will act as the joint lead managers to the placement. The fee payable to them includes 6% of the funds raised and 10 new options for every dollar raised.

Entitlement offer to raise AU$2.62 million

The pro-rata, non-renounceable entitlement offer will see the issue of 238.34 million shares and 238.34 million new options. The terms of options are similar to those of the placement options.

All shareholders whose name is on the register of members as of 13 November 2023 with an address in New Zealand or Australia are eligible to participate in the offer.

The offer includes a top-up facility and is not underwritten.

SRN shares traded at AU$0.012 apiece at the time of writing on 3 November 2023.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.