Overview
- Rights Issue
- Key Dates
- Shortfall RIGHTS ISSUE
Mithril Resources Limited [ASX: MTH] (“Mithril” or “the Company”) advises that its Rights Issue has closed with strong support for both shareholder entitlements and additional shortfall shares.
As announced in the Offer Document released to the ASX on 01 April 2020, Mithril conducted a capital raising by way of a Non-Renounceable Rights Issue to shareholders with addresses in Australia and New Zealand on the register of members of Mithril as at the record date of 06 April 2020, on the basis of one (1) new fully paid ordinary Mithril share for every one (1) existing fully paid ordinary Mithril share held at an issue price of A$0.005 (0.5 cent) per share.
The results of the Rights Issue are as follows:
| Maximum number of shares to be issued under the Rights Issue | 490,389,211 |
| Entitlement Acceptance | 338,582,947 |
| Additional Shares allocated to shareholders | 71,746,314 |
| Shortfall (to be allocated) | 80,059,950 |
| Total New Shares | 490,389,211 |
Further details regarding the proposed allocation of the Shortfall is set out later in this announcement.
The Company was required to raise a minimum of $1.5M under the Rights Issue as a condition precedent of the transaction with Sun Minerals Pty Ltd (“Sun Minerals”). The Company will now work with Sun Minerals to formally complete the acquisition in an expeditious manner. The funds raised from the capital raising will be used as set out in the Offer Document, including to advance exploration at the Copalquin Gold Silver Project located in the Sierra Madre Trend, Durango State, Western Mexico following completion of the acquisition of Sun Minerals.
KEY DATES
| Announcement of Rights Issue Offer Document | 1 April 2020 | ✔ |
| Rights Issue Ex-Date | 3 April 2020 | ✔ |
| Rights Issue Record Date | 6 April 2020 | ✔ |
| Offer Document dispatched and Rights Issue Offer Period opens | 9 April 2020 | ✔ |
| General Meeting to approve revised Transaction | 13 May 2020 | ✔ |
| Rights Issue Closing Date | 14 May 2020 | ✔ |
| MTH notifies ASX of Rights Issue undersubscriptions | 19 May 2020 | ✔ |
| Issue Date of New Shares | 21 May 2020 |
Commenting on the Rights Issue, Mithril’s Non-Executive Director and Company Secretary, Adrien Wing, said:
“On behalf of our Board, I would like to thank shareholders for their participation in the Rights Issue. The offer was strongly subscribed for both entitlement and additional shares. We look forward to completing this transformative transaction with Sun Minerals to acquire rights to earn in to the exciting Copalquin Project in Mexico”.
SHORTFALL
The Company has received strong support for the shortfall under the Rights Issue both from existing Mithril shareholders and third party investors and the Board intends to place such shortfall as soon as possible in accordance with the allocation policy set out in the Rights Issue Offer Document.
Further details will be released by the Company to ASX as and when available. Released with the authority of the Board.
Regards,
Adrien Wing
Non-Executive Director and Company Secretary
Mithril Resources Limited
Original Article: https://www.mithrilresources.com.au/wp-content/uploads/bsk-pdf-manager/2020/05/MTH_Rights_Issue_Closure_and_Shortfall.pdf
