Podium Minerals (ASX:POD) concludes AU$4.6M entitlement offer

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Podium Minerals (ASX:POD) concludes AU$4.6M entitlement offer

 Podium Minerals (ASX:POD) concludes AU$4.6M entitlement offer
Image source: Company website
  • The non-renounceable entitlement offer offered a new share for every 15 fully paid ordinary shares held by existing shareholders as on the record date at a unit price of AU$0.22 a share.
  • The completion of the AU$4.6-million raising concludes the second portion of AU$6.6 million announced on 11 July 2022.
  • Eligible existing shareholders applied for 17,864,435 shares worth AU$3.9 million and the $0.7 million shortfall has been allocated in accordance with the prospectus.

Australian PGM player Podium Minerals Limited (ASX:POD) has announced the successful completion of the recently announced non-renounceable entitlement offer raising AU$4.6 million. The non-renounceable entitlement offer offered a new share for every 15 fully paid ordinary shares held by existing shareholders as on the record date at a unit price of AU$0.22 a share.

The entitlement offer closed on 5 August and witnessed an overwhelming response of eligible shareholders. The existing shareholders applied for 17,864,435 shares worth AU$3.9 million. This represents 85% of the entitlements by the eligible shareholders.

Placement of the shortfall has been managed by Canaccord Genuity (Australia). A total of 3,171,367 shares worth AU$697,700 have been allocated as per sections 1.2 and 1.6 of the prospectus. The completion of the AU$4.6 million raising concludes the second portion of AU$6.6 million capital raise announced on 11 July 2022.

Must Read: Podium Minerals (ASX:POD) delivers 28% increase in PGM resources at Parks Reef

The company will use the capital raised from the Entitlement Offer and Placement towards:

  • The completion of exploration activities and drilling program to update the Mineral Resource statement within the scope of Stage 9 and Stage 10 drilling programs
  • Metallurgical test work prior to the scoping study
  • Preparation for next phases of exploration drilling to expand resources and build the geological understanding of the orebody prior to the scoping study
  • The cost of the fundraising program
  • Corporate administration and general working capital

Some major developments have been achieved since the release of the Entitlement Offer prospectus

  • Stage 9 and Stage 10 assay results
  • High-value Rhodium and Iridium assay results and a maiden 5E PGM Mineral Resource estimate
  • The addition of cobalt to the Mineral Resource Statement

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