- BCI Minerals (BCI) has opened the second stage of its $48 million capital raise - a retail entitlement offer
- The company has already raised $20.8 million via the institutional component of the entitlement offer
- Under the retail offer, eligible shareholders can subscribe for one new share for every two already held
- The new shares are priced at 24 cents each, an eight per cent discount on the 15-day volume-weighted average price
- All of the proceeds from the entitlement offer will go towards progressing the development of BCI's Mardie Project
- Shares in BCI are currently trading 4.17 per cent higher at 25 cents
Mining and exploration company BCI Minerals (BCI) has opened the second stage of its $48 million capital raise.
The retail entitlement offer booklet was sent to shareholders today and BCI is hoping to raise an additional $27.1 million.
Under the offer, eligible shareholders can subscribe for one new share for every two already held.
The new shares are priced at 24 cents each, an eight per cent discount to the 15-day volume-weighted average price up to September 10.
The retail entitlement offer is set to close on October 6, with new shares to be issued on October 13.
BCI has already succesfully raised $20.8 million in capital via the institutional compenent of the entitlement offer.
The company first flagged its plan to tap investors for fresh capital earlier this week, when it entered a trading halt.
It said it plans to use all of the funds to advance the development of its 100 per cent-owned Mardie Salt and SOP Project.
Specifically, BCI wants to conduct early construction works and lock-in required infrastructure before moving to full project construction, which is expected to begin in Q2 2021 .
Shares in BCI are currently trading up 4.17 per cent at 25 cents each at 2:05 pm AEST.