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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.
