Source: Orexplore
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  • Swick Mining Services (SWK) completes the distribution of shares in Orexplore Technologies (OXT) and raises $2.43 million under its priority offer
  • Orexplore is now in the process of meeting all outstanding prerequisites for admission to ASX’s official list on or around January 21, 2022
  • Swick also announces that Orexplore has successfully raised $2,437,500 at $0.25 per share towards its priority offer
  • Orexplore will start its time as an independent entity with a cash balance of more than $14 million
  • Swick Mining Services Limited (SWK) last traded at 31.5 cents per share before market open on January 7

Swick Mining Services (SWK) completes the in-specie distribution of shares in Orexplore Technologies and raises $2.43 million under its priority offer.

Shares are issued to eligible Swick shareholders and dispatched holding statements to shareholders.

Swick also announced that Orexplore has successfully raised $2,437,500 at $0.25 per share towards its priority offer, with all valid applications have been accepted in full.

The maximum amount to be raised under the priority offer was capped at $2.5 million and was only open to eligible Swick shareholders on the offer record date.

The offer was well supported by existing shareholders with offers from more than 150 shareholders, including Swick’s Managing Director, Kent Swick, who subscribed for $300,000 worth of shares.

The proceeds of the offer are in addition to the $12 million seed funding payment made by Swick as part of the demerger.

Orexplore will start its time as an independent entity with a cash balance of more than $14 million.

Orexplore is now in the process of meeting all outstanding prerequisites for admission to ASX’s official list on or around January 21, 2022.

Swick notes that the transfer of the Orexplore Business to Orexplore has been completed and that Swick shares are now trading.

DDH1 Limited proposes to acquire Swick by way of scheme of arrangement between Swick and its shareholders.

The scheme booklet was dispatched to shareholders in December and the scheme meeting is scheduled for January 17.

Swick Mining Services Limited (SWK) last traded at 31.5 cents per share before market open on January 7.

SWK by the numbers
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