(MENAFN - ProactiveInvestors - Australia) Ridge Resources (ASX:RID) has raised over 4 million through an underwritten rights issue, paving the way for the completion of the acquisition of Cardinal Resources.
As part of the non-renounceable rights issue, Ridge offered three new shares for every two ordinary shares held as well as a three for two free option, both at a price of 0.20.
The uptake on the offer raised 1.97 million with the shortfall of 2.02 million being underwritten by Azure Capital.
Ridge has completed the allotment of 20,450,576 fully paid ordinary shares and 30,675,869 attached options exercisable on or before 30 June 2014 as part of the rights issue.
It has also allotted and issued 33 million fully paid ordinary shares and 16.5 million attaching options to shareholders of Cardinal; 1,500,000 shares and 750,000 attaching options in full satisfaction of loans made to Cardinal; and 50 each Class A and Class B Performance shares convertible to 100,000 shares upon achievement of certain milestones.
Ridge has proposed future exploration activities at its gold projects in Ghana and Democratic Republic of Congo.