Proceeds from offering slated to fund exploration at Yeneena Project
By Devika Patel
Knoxville, Tenn., Feb. 7 - Encounter Resources Ltd. said it has received commitments for a private placement of shares to raise about A$6 million. The deal will be conducted by manager Investorfirst Securities Ltd.
The company will sell about 14.9 million ordinary shares at A$0.40 apiece, a 14.89% discount to the Feb. 6 closing share price of A$0.47.
Proceeds will be used for the exploration drill programs at the company's Yeneena Copper Project and as working capital.
Encounter is a mineral exploration company based in West Perth, Australia.
| Issuer: | Encounter Resources Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$6 million (approximate)
|
| Shares: | 14.9 million (approximate)
|
| Price: | A$0.40
|
| Warrants: | No
|
| Manager: | Investorfirst Securities Ltd.
|
| Pricing date: | Feb. 7
|
| Stock symbol: | Australia: ENR
|
| Stock price: | A$0.47 at close Feb. 6
|
| Market capitalization: | A$46.69 million
|
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