Suvo Strategic Minerals (ASX:SUV) says its previously announced share purchase plan (SPP) is fully subscribed and has received applications in excess of $1 million.
In light of the increased demand for the SPP, Suvo’s board has resolved to accept further subscriptions of up to an additional $500,000, increasing the SPP offer to $1.5 million.
The SPP provides eligible shareholders of the company with the opportunity to acquire up to $30,000 worth of fully paid ordinary shares at $0.03 per share.
Suvo, which has a market capitalisation of $29.30 million, plans to use the funds raised to fund the production ramp up of the Pittong hydrous kaolin plant, as well as fast track commercialisation of its intellectual property for geopolymer concrete.
Non-Executive Chairman Aaron Banks says: “To achieve such strong demand, with the offer fully subscribed within 3 business days, is a remarkable result. We look forward to updating the market as we progress on all workstreams ensuring that value is created across Suvo’s portfolio of assets.”
The SPP offer will be closing at 5pm AWST on 27 February 2024.
Suvo Strategic Minerals is Australia’s only hydrous kaolin producer focused on production activities at its wholly owned Pittong hydrous kaolin operation in Victoria.
Write to Aaliyah Rogan at Mining.com.au
Images: Suvo Strategic Minerals
