Highlights
- Vertex Minerals (ASX: VTX) has unveiled a pro-rata non-renounceable entitlements offer of fully paid ordinary shares in the capital of the company.
- The capital raising is aimed at raising AU$1.67 million before costs.
- The funds raised are planned to be directed towards trial processing and underground scoping study at Hill End.
Australia-based gold exploration company Vertex Minerals Limited (ASX: VTX) has updated on a pro-rata non-renounceable entitlements offer to raise nearly AU$1.67 million. The offer is for fully paid ordinary shares in the capital of the company on the basis of one new share for every three existing shares held at the record date of 31 May 2023, with a one for two free attaching option.
Under the offer, 16,683,333 new shares will be issued pursuant to the offer at AU$0.10 per new share and will rank equally with existing shares. New options will have an exercise price of AU$0.25, and a term of three years from issue.
The offer is fully underwritten by lead manager CPS Capital, which will receive 2 million broker options and 3 million underwriter options on the same terms and conditions as the new options.
The offer price represents:
- a 28.6% discount to the last traded price of VTX shares of AU$0.14
- a 22.5% discount to the 15-day volume weighted average price of AU$0.129
Data source: VTX update
The offer is due to close on 19 June 2023.
VTX shares were trading at AU$0.110 midday on 29 May 2023.