Sultan Resources capital raise details

Sultan Resources (ASX:SLZ) has announced a capital raise through an institutional placement aiming to gather up to $338,834. The company plans to issue approximately 33,883,441 fully paid ordinary shares at an issue price of $0.01 each. This placement involves professional and sophisticated investors and is intended to support due diligence and working capital needs.

Summary of Sultan Resources' strategic placement

Sultan Resources Ltd is undertaking a capital raise to secure up to $338,834 by issuing 33,883,441 shares at $0.01 each, representing a 20% discount to the last closing price. This strategic move is aimed at bolstering due diligence and working capital. The placement utilizes the company's existing placement capacity and requires no additional shareholder approval, reflecting compliance with ASX Listing Rules 7.1 and 7.1A. The shares are anticipated to be allotted on November 1, 2024, with Xcel Capital Pty Ltd and ARQ Capital Pty Ltd serving as joint lead managers. Sultan Resources continues its commitment to responsible exploration and shareholder value enhancement.

Executive commentary on capital raise

The new shares will be issued under the company's existing placement capacity and are expected to be allotted on November 1, 2024.