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Be the first with the news that moves the market- Southern Hemisphere Mining (SUH) announces renounceable rights issue to raise $1.5 million to fund further exploration on the Company’s Chilean copper gold projects
- Shares are to be priced at three cents each, representing a 25 per cent discount to the previous price share price of four cents
- The company says shareholders will be offered one new share for every five existing shares, in addition to one new attaching option for every two new shares subscribed
- Directors will participate for their full entitlement and sub-underwriting for a total of $450,000
- Shares have been up 4.3 per cent, trading at 3.7 cents
Southern Hemisphere Mining (SUH) has announced a renounceable rights issue to raise $1.5 million to fund further exploration on the Ccmpany’s Chilean copper-gold projects.
On completion, the company says it will be well-funded, with $1.4 million available to substantially advance the projects.
Shares are to be priced at three cents each, representing a 25 per cent discount to the previous price share price of four cents.
The company says shareholders will be offered one new share for every five existing shares, in addition to one new attaching option for every two new shares subscribed. Options will be exercisable at $0.10, expiring 2 years from issue.
Directors will participate for their full entitlement and sub-underwriting for a total of $450,000.
Mahe Capital advised on the issue and acts as Lead Manager and Underwriter for the fully underwritten raise.
The company says shareholders can trade their rights and apply for additional shares and options with rights to start trading from 19 January 2022.
Shares were up 4.3 per cent, trading at 3.7 cents at 2.40 pm AEDT.
