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Ozz Resources Ltd ( (AU:OZZ) ) has shared an announcement.
Ozz Resources has completed a fully underwritten pro-rata non-renounceable entitlement offer of 19 new shares for every 66 held at $0.04 per share, raising $345,335 in cash from existing shareholders. The offer, underwritten by CPS Capital Group, also saw the placement of the shortfall and the issue of a further 18,004,086 shares, facilitating an additional $88,653 in cash and the conversion of $631,511 of debt into equity.
The newly issued shares will be allotted and issued on the same day as the announcement and will rank equally with existing ordinary shares. The transaction strengthens Ozz Resources’ balance sheet by reducing debt and increasing equity capital, potentially improving financial flexibility and supporting ongoing operations for shareholders and stakeholders.
More about Ozz Resources Ltd
Ozz Resources Ltd is an Australian company listed on the ASX under the code OZZ. The company operates in the resources sector, with its shares traded on the Australian Securities Exchange and a shareholder base that participates in periodic equity raisings to fund its activities and manage its capital structure.
Technical Sentiment Signal: Sell
Learn more about OZZ stock on TipRanks’ Stock Analysis page.