Evolution Energy to Raise AU$1.5 Million Via Pro-Rata Renounceable Entitlement Offer; Shares Rise 8%
MT Newswires Live
Aug 14
Evolution Energy Minerals (ASX:EV1) is set to conduct a fully underwritten pro-rata renounceable entitlement offer of new shares at an offer price of AU$0.01 per new share to raise around AU$1.5 million, before costs, according to a Thursday Australian bourse filing.
The new shares will be offered on a ratio of two new shares for every five shares held and will include one free attaching new option for every new share, exercisable at AU$0.02 with a three-year expiry.
It will use the proceeds for general working capital purposes, payments to creditors, and development and exploration of the company's projects.
The offer is being partly underwritten by Mahe Capital.
Shares of the company rose 8% in recent Thursday trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.