Overview of Pure Resources Limited's Entitlement Issue

Pure Resources Limited (ASX: $PR1) has announced a non-renounceable entitlement issue, offering 1 new share for every 12.14 existing shares held at an issue price of $0.10 per new share. The company aims to raise up to approximately $350,144 through this offer, which includes 1 free attaching new option for every new share subscribed for and issued. The offer is not underwritten and closes at 5:00pm (WST) on 22 August 2024. Pure Resources Limited has provided comprehensive information in the prospectus, including details of the offer, risk factors, purpose and effect of the offer, rights attaching to securities, and additional information.

Executive Commentary on the Entitlement Issue

The company's majority shareholder, Simwise, holding 30.03% of the shares, has indicated its intention to take its entitlement under the offer. Pure Resources Limited has appointed CPS Capital as its foreign nominee to sell entitlements to which ineligible shareholders are entitled. The company emphasizes that the investment in the company is speculative and advises potential investors to consult their professional advisers before deciding whether to apply for securities. The purpose of the offer is to raise funds for exploration at the Garnet Hills Project, and the principal effect of the offer will be to increase cash reserves, the number of shares on issue, and the number of options on issue.

Summary of Pure Resources Limited's Entitlement Issue

Pure Resources Limited (ASX: $PR1) is conducting a non-renounceable entitlement issue to raise up to approximately $350,144 for exploration at the Garnet Hills Project. The offer includes 1 new share for every 12.14 existing shares held at an issue price of $0.10 per new share, along with 1 free attaching new option for every new share subscribed for and issued. The company has appointed a foreign nominee, CPS Capital, to sell entitlements to ineligible shareholders. Shareholders are advised to consult their professional advisers before applying for securities, as the investment is considered speculative. The company aims to utilize the funds raised for exploration at the Garnet Hills Project over the next 12 months, which is expected to increase its cash reserves, the number of shares on issue, and the number of options on issue.