Cosmo Metals (ASX:CMO) on 21 March closed its nonrenounceable entitlement offer which was at an issue price of $0.015 per share.
Eligible shareholders who applied for their full entitlement under the were also able to apply for new shares in excess of their entitlement, through a shortfall offer.
Directors elected to allocate the shortfall to shareholders that applied for shares in excess of their entitlement.
The directors, in conjunction with the underwriter, have reserved the right to allocate the under subscription of just over 31 million shares proportionately to the sub-underwriters under the underwriting agreement.
It is expected that the allocation of the under subscribed shares from the entitlement offer will be completed by 3 April.
Cosmo Metals is an ASX-listed gold and base metals exploration company with key projects located in Western Australia and New South Wales.
Cosmo is acquiring the underexplored and ‘highly prospective’ Bingara and Nundle gold-antimony and copper projects in the New England Orogen of northern NSW.
While several high-grade gold, antimony, copper and gold deposits have historically been discovered and mined across the Bingara and Nundle Projects, there has been only sporadic exploration since the 1970s with no drilling in 30 years.
Images: Stock
