Southern Cross Gold (ASX: $SXG) Rights Issue

Southern Cross Gold Limited (ASX: $SXG) has announced a non-renounceable pro rata rights issue, offering one fully paid ordinary new share for every thirty-three fully paid ordinary shares held by eligible shareholders. The issue price is set at $1.82 per new share, with the aim to raise approximately $10.23 million before costs. The offer is fully underwritten by Firelight Investments Ltd and Springtide Capital Pty Ltd. The funds raised will be utilized for exploration expenditure, primarily focusing on the Sunday Creek Project in Victoria, Australia, and for general working capital. The offer is being made without a prospectus in accordance with section 708AA of the Corporations Act.

Executive Commentary

The company has provided important details regarding the non-renounceable rights issue, including the underwriting of the offer, the use of funds, and the focus on exploration expenditure. Shareholders are encouraged to carefully review the offer booklet, which contains essential information, risks, and details of the offer, including the application process and the indicative timetable. The company emphasizes the significance of consulting professional advisers before deciding to apply for new shares.

Summary and Outlook

Southern Cross Gold Limited (ASX: $SXG) is offering a non-renounceable pro rata rights issue to raise approximately $10.23 million for exploration expenditure and general working capital. The company aims to focus on the Sunday Creek Project in Victoria, Australia, utilizing the funds raised. The offer is fully underwritten by Firelight Investments Ltd and Springtide Capital Pty Ltd. Shareholders with registered addresses in specific countries are eligible for the offer, and the company has outlined the risks associated with the offer, including underwriting risk, market conditions, and exploration risk. The company has also highlighted the importance of consulting professional advisers before applying for new shares. The offer booklet contains crucial information, risks, and details of the offer, and the company may make further announcements as developments occur.