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The latest update is out from Reach Resources Limited ( (AU:RR1) ).
Reach Resources Limited has launched a non-renounceable pro-rata entitlement offer to raise up to approximately $3.15 million, issuing two new shares for every five held at $0.009 per share to eligible shareholders in Australia, New Zealand and Singapore. The capital will be directed mainly to exploration and development at the Murchison South Gold Project, along with evaluating new opportunities and funding general working capital, with directors and the CEO committing to take up their full entitlements.
Westar Capital has been appointed lead manager with exclusive rights to place any shortfall, and will receive a signing fee plus percentage-based fees on funds raised, broker acceptances and any shortfall placed. The detailed offer timetable outlines key dates from prospectus lodgement through to issue of new shares and closure of the shortfall offer, signalling a structured capital-raising process to support Reach’s exploration-driven growth strategy and ongoing funding needs.
The most recent analyst rating on (AU:RR1) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Reach Resources Limited stock, see the AU:RR1 Stock Forecast page.
More about Reach Resources Limited
Reach Resources Limited is an Australian exploration company focused on advancing its Murchison South Gold Project near Payne’s Find in Western Australia. The company targets gold exploration and development, positioning itself within the junior mining and resources sector on the ASX.
Average Trading Volume: 3,118,761
Technical Sentiment Signal: Sell
Current Market Cap: A$9.62M
For detailed information about RR1 stock, go to TipRanks’ Stock Analysis page.