Entitlement Offer Results
Resolution Minerals is pleased to announce that the Company’s Options Entitlement Offer (Entitlement Offer) was successful, having received applications for approximately $417,000 worth of options (New Options) to acquire fully paid shares in the Company (Shares) under the Entitlement Offer and Public Shortfall Offer. The Company has received firm commitments for a further $332,000 in shortfall and expects to issue the corresponding securities in the coming days.
The funds raised, together with the share placement undertaken recently, will be put towards:
• Drilling high priority gold targets at Tourmaline Ridge - 64 North Project
• Milestone payments to earn a 51% interest in the 64North Project-Alaska
• Exploration activities in the NT, on the Carrara Range Project and working capital
The Entitlement Offer was offered on the basis of one option to acquire a Share, exercisable at $0.015 (1.5 cents) with an Expiry of 31 July 2025, for every two Shares held, at an issue price of $0.002 per New Option, and closed at 5pm (ACST) on 8 July 2022. The Company received applications for 138,323,273 New Options under the Entitlement Offer and applications for a further 70,356,230 New Options under the Public Shortfall Offer. This Offer was completed in conjunction with the previously announced placement which raised $1.86 million (announced on 18 May 2022).
As outlined in the prospectus for the Entitlement Offer and the notice of meeting for the recently held general meeting, the Company will also issue 198,864,560 New Options pursuant to the Placement Option Offer and Lead Manager Option Offer.
The Company is seeking quotation for the Options as a new class of quoted security. This announcement includes the distribution schedule and top 20 option holders this new class of quoted security.
The Company is able to place a further 35,499,621 New Options under the Public Shortfall Offer within three months after the closing date of the Offer – in additional to the 166,050,000 New Options currently committed to be issued in the next few days.