(MENAFN- ProactiveInvestors) () has raised a total of $6093448.56 from its 1:10 non-renounceable pro-rata rights offer priced at $0.18 per share demonstrating shareholder confidence in the company and its activities.
Valid acceptances and shortfall applications were received for 33852492 shares or about 63.58% of the total entitlements offered.
The company may place the shortfall of 19387709 shares with any third party at not less than the issue price within 3 months of the closing date.
Use of proceeds from the offer
ASF said that it will use the proceeds raised to:
- Fund investments in current portfolio assets including engaging property development consultants;
- Investigate and advance business development opportunities for the Company with the goal of creating value for shareholders; and
- Provide working capital to the company generally.
Analysis
’s ability to raise $6093448.56 through a rights issue demonstrates the confidence that its shareholders have in the company and its activities.
The funding will support the company’s projects and allow it to investigate and advance business development opportunities.
There is potential for further funding with the company having the option to place the shortfall of 19387709 shares or about 36.42% of the total shares offered.
Proactive Investors Australia is the market leader in producing news articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia UK North America and Hong Kong / China.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.