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PERTH - Future Metals NL (ASX | AIM:FME), a mining company, has announced the launch of a 1-for-3 pro-rata non-renounceable entitlement offer to raise approximately A$2.64 million before costs. The offer, which is partially underwritten by CPS Capital Group Pty Ltd up to A$1,975,602, is open to eligible existing shareholders in Australia, New Zealand, the United Kingdom (TADAWUL:4280), Bermuda, Malaysia, and Singapore.
The issue price of A$0.011 per new share equates to a 2.8% discount to the 15-day volume-weighted average price as of May 6, 2025. New shares will rank equally with the existing shares of the company. The entitlement offer follows a placement that raised A$1.58 million on April 10, 2025.
Shareholders must be registered by the record date of May 12, 2025, and meet certain eligibility requirements, which exclude U.S. persons, to participate. The offer is set to open on May 15, 2025, and close on May 30, 2025.
The non-renounceable nature of the offer means shareholders who do not participate will not be able to transfer their entitlements and will face dilution of their holdings. Details will be provided in an entitlement offer booklet to be dispatched following the indicative timetable.
Eligible shareholders will have the chance to apply for additional shares from any shortfall. Directors Patrick Walta and Sam Rodda intend to take up their full entitlement, while director John Carr does not. Zeta Resources Limited, holding a 9.99% interest post-placement, intends to take up its full entitlement and apply for additional shares, subject to regulatory approval.
The funds raised are earmarked for advancing the development of the Eileen Bore Cu-Ni-PGM project and for working capital and offer costs. UK shareholders should note that the offer is similar to an open offer, with no trading of subscription rights and no market sales or placements for unapplied shares.
This news is based on a press release statement from Future Metals NL.
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