Merlin Completes Oversubscribed Entitlements Offer Raising $5.5M
March 29, 17
(IDEX Online) – Merlin Diamonds Limited said it has raised approximately $5.5 million from an Entitlements Offer to shareholders in January.
Funds raised from the Entitlements Offer will provide the firm, which owns the Merlin diamond mine in the Northern Territory of Australia, with "the necessary financial flexibility to progress its operational and corporate objectives,".
The Entitlements Offer provided shareholders with the opportunity to subscribe for 1 new share with ½ an option for every 2 shares held at the record date. The price of the new share with an attaching option is 1.3 cents and the option will have an exercise price of 1.3 cents.
The Entitlements Offer was oversubscribed and fully underwritten by Triple C Consulting Pty Ltd, with Triple C also placing the shortfall of 267,903,139 shares raising an additional $3.4 million.