Deep Yellow Limited (ASX: $DYL) closed its Share Purchase Plan (SPP) oversubscribed, receiving applications for approximately A$45M, exceeding the A$30M target. The SPP, along with the recently announced A$220M placement, totaling A$250M, will support the Company's growth strategy, the ongoing development of the flagship Tumas Project in Namibia, and the advancement of the Mulga Rock Project in Western Australia.
We are delighted with the support shown by our shareholders to back us at this important time in the further development of our Company. This SPP, plus the funds from the recently announced $220M placement, together totalling A$250M, will support our growth strategy, the ongoing development of the flagship Tumas Project in Namibia and the advancement of the Mulga Rock Project in Western Australia. Tranche 1 of the placement has been completed and I have great confidence in completing Tranche 2 of the placement following the general meeting of shareholders on 30 April.
Deep Yellow Limited's Share Purchase Plan (SPP) closed oversubscribed, with applications totaling approximately A$45M, exceeding the A$30M target. The Company will conduct a pro-rata scale-back of applications and confirm final Share numbers to be issued and allotted on Monday, 15 April 2024. The funds raised, in conjunction with the recently announced A$220M placement, will support the Company's growth strategy, the ongoing development of the flagship Tumas Project in Namibia, and the advancement of the Mulga Rock Project in Western Australia. The Board has withdrawn Resolution 3 from the agenda of the General Meeting of shareholders scheduled for 30 April 2024, as there is no shortfall in applications under the SPP. Deep Yellow Limited is well-positioned for further growth through the development of its exploration portfolio and ongoing M&A focused on high-quality assets that best fit the Company's strategy.