NT Minerals (ASX:NTM) has today (27 March) dispatched the prospectus and entitlement offer form for a 1 for 6 non-renounceable entitlement offer to raise about $1.14 million to fund exploration at its Redbank Project.
The offer under the prospectus was open from 8am AWST with the closing date 5pm AWST on 5 April 2023.
Under the entitlement offer, eligible shareholders will be able to subscribe for 1 new ordinary share in NT Minerals for every 6 existing shares held as of 22 March 2023 at an offer price of $0.01 per new share.
This entitlement offer is fully underwritten by Argonaut PCF, with Argonaut Securities acting as lead manager.
This entitlement offer is fully underwritten by Argonaut PCF, with Argonaut Securities acting as lead manager
NT Minerals reports the entitlement offer will not be tradeable on the Australian Securities Exchange (ASX) or transferable. This means that NT Minerals shareholders that do not take up their entitlement to participate in the offer will not be able to transfer or receive any value from those entitlements, and their equity interest in the company will be diluted.
The entitlement offer also will include a top-up facility under which eligible shareholders which take up their full entitlement will be invited to apply for additional shares from a pool of those not taken up by other eligible shareholders.
NT Minerals expects to announce the results of the entitlement offer and any shortfall on 13 April 2023, and says any new shares will be issued on the same date.
These new shares are expected to start normal trading on the ASX on 14 April.
NT Minerals is a Northern Territory-based copper exploration company focused on its Redbank Project in the Northern Territory, and the Millers Creek Project in South Australia.
Images: NT Minerals Limited
