Juno Minerals (ASX:JNO) has pocketed close to $2 million from a pro-rata non-renounceable entitlement offer that closed on 31 October.
The $12.91 million market capitalisation company says it received valid applications for roughly 24.945 million new shares, inclusive of applications for additional new shares under a shortfall offer in the prospectus.
The entitlement offer allowed eligible shareholders to subscribe for one new share for every 3 shares held on the record date at an issue price of $0.08 per new share.
Juno opened the offer to existing shareholders in September in the hopes of raising $3.6 million. This means the $1.995 million raised represents a take-up rate of 55% from eligible shareholders, resulting in a shortfall of $1.6 million or about 2.542 million new shares.
Nevertheless, Juno reports that it retains the right to place the shortfall of shares to new investors by 31 January 2024 in consultation with the lead manager of the offer, GBA Capital.
Juno notes that new shares applied for under the entitlement offer will be issued on 7 November this year, with normal trading of the new shares scheduled to begin on 8 November.
Juno Minerals is the sole owner of 2 iron ore projects in the Yilgarn region of Western Australia named the Mount Mason Hematite Project and the Mount Ida Magnetite Project, respectively.
The company had $693,000 cash and cash equivalents at hand as of 30 September 2023.
Write to Adam Drought at Mining.com.au
Images: Juno Minerals