Finders: Entitlement offer closes oversubscribed
Monday, June 23 2014 - 04:12 AM WIB
ASX-listed copper producer Finders Resources Limited announced Monday that its fully underwritten 1 for 15 entitlement offer announced on May 29, 2014 has closed oversubscribed.
| Shares offered under the Entitlement Offer | 37,800,061 |
| Applications received under the Entitlement Offer | 26,219,606 |
| Applications received under the Shortfall Facility | 15,590,867 |
| Oversubscription | 4,010,412 |
Oversubscription under the Shortfall Facility were scaled back to meet the issue?s requirements. Shares issued under the Entitlement Offer will be allotted on 24 June, the company said in a statement.
A total of A$5.3 million will be raised via the entitlement offer, adding to the A$10 million the company raised from the successful placement late in May. Finders has said it will use the proceeds to complete funding for the expansion of the company?s Wetar copper project in Indonesia?s Maluku Province, as well as fund further exploration and working capital.
Editing by Reiner Simanjuntak