Join our daily newsletter At The Bell to receive exclusive market insights
- Dacian Gold (DCN) has successfully completed its $28 million entitlement offer
- Approximately 69 million shares were issued to shareholders at a price of 30 cents per share
- Dacian now has now raised $98 million through a placement and entitlement offer and will use the money for its recapitalisation and de-risking strategy
- Shares are expected to be allocated on May 8 and begin trading on the ASX on May 11
- Dacian has dropped 5.81 per cent and shares are currently trading for 40.5 cents each
Dacian Gold (DCN) has successfully completed its one for one fully underwritten entitlement offer.
On April 8, the gold miner announced that it is hoping to raise $98 million via a share placement and entitlement offer as part of its recapitalisation and de-risking strategy.
The entitlement offer closed on May 1 and approximately $28 million was raised through the issue of 69 million shares at a price of 30 cents each.
This entitlement offer followed Dacian’s successful $70 million placement and the company has now raised its projected $98 million.
“We are extremely pleased with the support shown by both our institutional and retail shareholders in recent weeks,” Managing Director Leigh Junk stated.
“With the company now recapitalised, we can focus or full attention on delivering our three year production outlook, with potential upside beyond that to come from our targeted near-mine exploration program, regional consolidation opportunities and the Westralia underground which is currently not in the three year plan,” he said.
Shares from the entitlement offer are expected to be allocated on May 8 and begin trading on the ASX on May 11.
Dacian has dropped 5.81 per cent and shares are trading for 40.5 cents each at 11:54 am AEST.
