Great Boulder Resources crushes entitlement offer to raise $3.5 million

Great Boulder Resources (ASX:GBR) has completed its pro-rata non-renounceable entitlement offer of 1 new share for every 10 ordinary fully paid shares held by eligible shareholders as of 14 April 2023 to raise up to $3.5 million. 

The entitlements offer had an issue price of $0.082 per new fully paid ordinary share. 

Eligible shareholders that applied for their full entitlement were also able to apply for new shares in excess of their entitlement through a shortfall offer. 

The directors have elected to allocate the shortfall offer to shareholders who applied for shares in excess of their entitlement and have reserved the right to allocate the shortfall of 7.020 million ordinary shares at their discretion. 

On 16 March, the company announced it was launching a fully underwritten entitlement offer to raise about $3.5 million (before costs). The entitlement offer was also partially underwritten up to an amount of $2.5 million by Discovery Capital Partners. 

Additionally, up to 12.195 million shares will be issued at the discretion of the Great Boulder Directors to raise an additional $1 million to accommodate the excess demand from professional and sophisticated investors following the completion of the entitlement offer. 

Additional placement shares are expected to be issued on the same terms as those issued under the placement and entitlement offer. 

Great Boulder Resources is an ASX-listed mineral exploration company with a portfolio of ‘highly prospective’ gold and base metals assets ranging from greenfields through to advanced exploration located in Western Australia. The company’s core focus is its Side Well Gold Project at Meekatharra in the Murchison goldfield, where the company has an inferred mineral resource of 6.192Mt @ 2.6g/t Au for 518,000oz Au. 

Great Boulder is also progressing early-stage exploration at its Wellington Base Metal Project located in the emerging MVT province.

Images: Great Boulder Resources Ltd
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Written By Adam Orlando
Mining.com.au Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.