Allup Silica's strategic financial move

Allup Silica (ASX:APS) has unveiled a 1 for 2 pro rata non-renounceable entitlement offer. This initiative aims to raise approximately $1.64 million before costs. The offer is priced at $0.035 per new share, marking a 12.5% discount to the last closing price. Eligible shareholders in Australia and New Zealand can participate based on their holdings as of November 1, 2024.

Overview of Allup Silica's funding strategy

Allup Silica (soon to be McLaren Minerals) is conducting a 1 for 2 pro rata non-renounceable entitlement offer to raise up to $1.64 million. The funds will support a pre-feasibility study for the McLaren Project, exploration fees, corporate expenses, and offer costs. The company is focused on developing mineral sands and silica sand tenements in Western Australia. The offer includes a 12.5% discount on new shares and is managed by CPS Capital Group. Allup Silica is committed to pushing forward with its projects, reflecting its strategic vision under its upcoming rebranding.

Executive insights on entitlement offer

This entitlement offer is a pivotal step in securing the necessary funds for our ongoing projects and operational requirements. It highlights our commitment to advancing the McLaren Project and other silica sand opportunities in Western Australia.