EV Resources finalizes rights issue

EV Resources Limited (ASX:EVR) has announced the successful completion of its pro-rata non-renounceable rights issue, raising $1.02 million. Shareholders were able to purchase 1 new share for every 2 shares held, at a price of 0.3 cents per share. The offer closed on December 5, 2024.

EV Resources rights issue and future plans

EV Resources Limited closed its rights issue, raising over $1.02 million to support its corporate strategy of strengthening financial resources and advancing exploration projects. A total of 341,031,858 new shares will be issued, with trading starting on December 10, 2024. The shortfall facility allowed for additional share acquisition beyond initial entitlements, with part of the shortfall allocation used to offset a loan to Allgreen Holdings Pty Ltd. The shortfall offer remains open until March 5, 2025. EV Resources is committed to its exploration objectives while recognizing the inherent risks in the mining industry. The company's leadership is accessible for further inquiries.

Executive commentary from EV Resources

The funds will be utilized for exploration projects, debt repayment, working capital, and covering offer expenses.