Deal, at A$1.05 per share, managed by Petra; funds go for development
By Devika Patel
Knoxville, Tenn., Feb. 11 - Alkane Resources Ltd said it completed an oversubscribed private placement of shares. Petra Capital Pty Ltd. was the manager for the A$21 million deal.
The company sold 20 million shares at A$1.05 apiece. The price per share represents a 10.26% discount to the Feb. 10 closing share price of A$1.17.
Proceeds will be used to for the Dubbo Zirconia Project, ongoing marketing development, preliminary development costs of the Tomingley Gold Project and further resource evaluations, evaluation of the company's other existing gold and copper exploration projects and working capital.
Based in Perth, Australia, the company explores for gold and other minerals and metals.
| Issuer: | Alkane Resources Ltd.
|
| Issue: | Shares
|
| Amount: | A$21 million
|
| Shares: | 20 million
|
| Price: | A$1.05
|
| Warrants: | No
|
| Manager: | Petra Capital Pty Ltd.
|
| Settlement date: | Feb. 11
|
| Stock symbol: | Australia: ALK
|
| Stock price: | A$1.15 at close Feb. 11
|
| Market capitalization: | A$28.64 million
|
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