Proceeds slated for company's acquisition of Einasleigh copper project
By Susanna Moon
Chicago, Dec. 14 - Kagara Ltd. said it raised A$25 million through an institutional stock placement to support exploration and production growth strategy in North Queensland.
The company sold 80,645,161 shares at A$0.31 per share. The share price represents an 8.8% discount to the closing price on Dec. 9.
Casimir Capital LP is the bookrunner and global lead manager, and Wilson HTM is joint Australian lead manager with E.L.& C. Baillieu Stockbroking Ltd. as settlement agent and selling group member.
Proceeds to be used to complete the acquisition of the Einasleigh copper project. Funds will also enable exploration momentum to be maintained following recent drilling success in the Northern Chillagoe region, according to a company press release.
Kagara is a West Perth, Australia, exploration, development and production company.
| Issuer: | Kagara Ltd.
|
| Issue: | Stock
|
| Amount: | A$25 million
|
| Shares: | 80,645,161
|
| Price: | A$0.31
|
| Warrants: | No
|
| Managers: | Casimir Capital LP (bookrunner and global lead manager), Wilson HTM (joint Australian lead manager); E.L.& C. Baillieu Stockbroking Ltd. (settlement agent)
|
| Settlement date: | Dec. 14
|
| Stock symbol: | Australia: KZL
|
| Stock price: | A$0.34 at close Dec. 9
|
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