Beacon Minerals Limited (ASX:BCN) has announced an underwritten pro-rata non-renounceable entitlement issue to raise approximately $10.3 million before costs. The issue involves a 1 for 8 non-renounceable entitlement issue of new shares at an issue price of $0.022 per share. Eligible shareholders will also receive one free attaching listed Option for every new share subscribed for and issued under the entitlement issue. The funds raised will be utilized for mill optimisation, Geko dewatering, Eastern borefield extension, ongoing exploration at Timor Leste, Mt Dimer, Malary Bore, and Panel 3, as well as general working capital.
The Directors and their related parties have strongly supported the entitlement issue by agreeing to take up their full entitlements and sub-underwrite part of the issue. The firm commitments from shareholders, including the Company's directors, total $3.2 million. The funds raised will be crucial in advancing our strategic initiatives, including mill optimisation, dewatering, and exploration activities. We are pleased with the support received from major shareholders and the underwriter, which reflects confidence in our projects and future prospects.
Beacon Minerals Limited (ASX:BCN) has announced an underwritten pro-rata non-renounceable entitlement issue to raise approximately $10.3 million before costs. The issue, underwritten by Argonaut PCF Limited, will involve the issuance of approximately 469.6 million new shares at an issue price of $0.022 per share, representing a 15.4% discount to Beacon's last traded price. The funds raised will be utilized for mill optimisation, dewatering, borefield extension, and ongoing exploration activities, demonstrating the company's commitment to advancing its projects and enhancing shareholder value. The strong support from directors, major shareholders, and the underwriter underscores confidence in Beacon's growth strategy and future prospects.