Gascoyne Resources Limited (AU:SPR) has released an update.
Spartan Resources Limited has successfully completed an A$80 million equity raise through a fully underwritten entitlement offer, with the retail component bringing in approximately A$11 million. Despite a shortfall in retail applications, the offer proceeded as planned, with the shortfall shares being issued to the underwriters. Investors can anticipate the new shares to commence trading by 20 May 2024, and these shares will rank equally with existing fully paid ordinary shares of the company.
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