Alderan Resources Rights Issue Results

Alderan Resources Limited (ASX:AL8) has announced the outcome of its non-renounceable pro-rata entitlement offer, raising $537,966.99 from shareholders who took up their entitlements. The Rights Issue offered one new fully paid ordinary share for every two held at 29 August 2024, with one attaching option for every four new shares applied for and issued under the Rights Issue.

Executive Commentary

The Company's directors (or their associated entities) demonstrated their strong commitment and confidence in Alderan Resources by taking up their full pro rata entitlements amounting to $72,859.16. The funds raised under the Rights Issue will primarily be utilized for exploration activities at the Company's existing USA and Brazil projects, as well as for general working capital, including meeting the costs of the Rights Issue.

Summary of Rights Issue Outcome

Alderan Resources Limited (ASX:AL8) successfully raised $537,966.99 through its non-renounceable pro-rata entitlement offer. The Company's directors' full participation in the entitlements reflects their strong commitment and confidence in Alderan Resources. The raised funds will be primarily directed towards exploration activities at the Company's existing USA and Brazil projects, along with general working capital. New Shares and New Options are expected to be issued to shareholders in accordance with the Rights Issue Prospectus, and any remaining shortfall will be placed within 3 months of the closing date. Alderan Resources expresses gratitude to its shareholders for their support of the Rights Issue.